Quinlan snaps up prime London site

QUINLAN PRIVATE, the investment vehicle run by former tax inspector Derek Quinlan, has once again snapped up another major part of London.

It was confirmed yesterday that Quinlan Private has bought 3.4 acres of prime land in Knightsbridge in central London for over €730 million. The land, known as The Estate, was bought from the British Petroleum pension fund and lies between the department stores of Harrods and Harvey Nichols.

It is understood that Mr Quinlan’s firm beat off stiff competition to buy the land, with bids from a Saudi billionaire prince and another Irish consortium.

Thomas Dowd, a partner in Quinlan Private, said: “We are pleased to conclude this agreement which reflects our objective to acquire prime real-estate assets with compelling upside potential. The Estate will enhance Quinlan Private’s growing prime property portfolio and will, in time, sustain superior returns.”

The Estate covers 520,000 sq ft of retail, office, residential and hotel accommodation, the property has significant re-development potential and has numerous opportunities. The deal confirms Mr Quinlan’s position as a major player in the international property market. Last year he purchased the Savoy Hotel group for €1.1 billion for his wealthy clients and has many other projects on the go. A few months later the Savoy Hotel was sold on for a tidy profit.

Since the former Revenue Commissioners inspector set up his company in 1989, it has purchased some 150 assets commercial office blocks, shopping centres, car parks and hotels throughout Europe and North America.