€3m for 30 Dublin apartments
Published 29/10/2009 | 03:25
A block of 30 Dublin apartments developed by former IRA hunger striker Thomas McFeely has gone on sale in one lot for €3m.
This works out at an average €100,000 per apartment - less than half the prices being asked for two-bedroom apartments in other developments at Mulhuddart in Dublin 15.
Located just minutes from the village on the Blakestown Road, the block contains 30 apartments, of which 24 are two bedrooms, three accommodate three bedrooms and three have one bedroom each.
The apartments were owned by Mr McFeely and his fellow builder Laurence O'Mahony, but they lost them a few months ago when ACC Bank appointed receiver Martin Ferris to recover its outstanding debts from the developers.
Repayment arrears of more than €600,000 had accumulated on their loan of €6.2m. The loan was secured against rents which the duo were collecting from the Mulhuddart apartments. It was also secured on 38 acres owned by Mr O'Mahony at Dunboyne, Co Meath.
In an affidavit resisting the application, both developers argued the loan was a 20-year facility and they had told ACC the arrears would be tackled through insurance monies due, following a fire at the Mulhuddart premises.
David Brown of HT Meagher O'Reilly, the estate agent who is handling the sale, says that the block comes with vacant possession and the fire damage affected only an area of the underground car park.
He is seeking one buyer for the whole apartment block, which is one of the reasons for the sharp discount on average apartment prices. It has already sparked interest from a few private investors.
Now aged 60, Mr McFeely endured 53 days on hunger strike during the H-Block protests in which a number of hunger strikers died.
Some years ago he made a settlement of €9m with the Criminal Assets Bureau.
Earlier this year, solicitor-turned-property developer Noel Smyth brought legal action for €130m in damages against both the duo and developer Liam Carroll for alleged breach of contract, and loss of tax breaks and profits, relating to delays in the development of a section of the site adjoining The Square shopping centre in Tallaght.
Mr Smyth claimed that Mr McFeely and Mr O'Mahony had reneged on a deal to sell him the site.