Sales of Spencer Dock properties raise €4.2m

Sales of 11 properties associated with the receivership of the main Spencer Dock firm formerly controlled by Treasury Holdings have realised €4.2m between July 2015 and January this year.

Sales of Spencer Dock properties raise €4.2m

The amount realised by receivers David Hughes and Luke Charleton of EY during the period compares with sales of €785,093 in the previous six months’ period.

The prices secured for the properties developed by Spencer Dock Development Company Ltd reflect the buoyant property market in Dublin.

New documents lodged by the receivers at Companies Office show two separate sales have realised over €500,000 each since last July.

Four other properties realised prices of between €400,000 and €500,000 and two more were sold for between €400,000 and €300,000. Three other properties sold for between €250,000 and €300,000.

Mr Hughes and Mr Charleton were appointed receivers to various retail units, undeveloped sites and part- developed sites owned by Spencer Dock Development by Nama in January 2012.

The combined professional, management, and receiver fees total €9.66m in the four years to the end of January, including spending of €2.86m on professional and management fees between July and January.

No detail is provided on what the professional fees were spent on.

In a written Dáil response last year on the costs incurred in Nama receiverships, Finance Minister Michael Noonan confirmed that EY has received €4m in fees relating to 14 receiver appointments.

Spencer Dock Development Co Ltd was placed in receivership with net liabilities totalling over €401m.

Nine months after the main Spencer Dock firm was placed in receivership, former owners Johnny Ronan and Richard Barrett’s Treasury Holdings, was wound up, in October 2012.

The receivership was unsuccessfully challenged in the High Court by Treasury Holdings.

The firm had cash reserves of €4.87m on the appointment of Mr Hughes and Mr Charleton.

The figures show at the end of four years in receivership, the company had receipts totalling €48.65m, including €4.87m in cash.

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