Developer trims political donations

POLITICAL donations to Fianna Fáil and Fine Gael from one of the country’s biggest property developers totalled €3,700 last year as it posted pre-tax losses of €23.8 million.

Harcourt Developments, owned by Donegal businessman Pat Doherty, donated €2,200 to Fianna Fáil last year and €1,500 to Fine Gael. This is a big drop from 2007 when it donated €10,250 to Fianna Fáil, €5,000 to the PDs, €4,000 to Fine Gael and €5,992 to the SDLP. The company is obliged under the Electoral Act 1997 to disclose donations. Its board members includes former RTÉ presenter Mike Murphy and Andrew Parker Bowles, the ex-husband of Camilla Parker Bowles.

Turnover in the year increased from €138m to €140m. Pre-tax losses were up from €21.9m to €23.8m in the year to the end of December 2009.

When talking about developments the company said there is sufficient land with planning permissions for further mixed development for “many years to come” in Park West in Dublin. It also said it has a substantial holding at nearby Citywest, which is planned for residential development.

“Construction of an extension of the Luas which will run along the southern boundary of our land is near completion and the RPA expect to run the first tram February next year.

The company also said it has a development at North Point near Dublin Airport where the NCT is located and said there is adequate land for further development there. The group owns six shopping centres in Ireland and said these will see expansion and redevelopment when the economic climate permits.

The group also has an interest in a mixed development in Las Vegas which will be developed when market conditions permit.

The accounts said the stock and work in progress is carried at cost and remains significantly below market value despite the recent downturn.

A further review of investment properties has resulted in certain additional properties being written down to correspond with the professional valuation.

After all adjustments, the group’s reserves have decreased by €30,371,005 to €103,383,353. The directors do not recommend a dividend compared to €458,440 in 2008.

“The group has been notified that in accordance with NAMA policy, all loans from three of our funding institutions are to be transferred in the second tranche,” the accounts read.

The group has also negotiated the purchase of a 50% interest in the site of the former Royal Hasler Hospital in Portsmouth. To date, £2m (€2.4m) has been invested.