State pays millions in rent to property tycoons

CONTROVERSIAL property tycoons, Liam Carroll and Bernard McNamara are pocketing millions for property they rent to the state — almost €117 million each year.

As well as paying rent to Mr Carroll and Mr McNamara, the taxpayer has also had to take on responsibility for the loans the property developers have transferred to NAMA.

According to new figures released by the Office of Public Works (OPW), Liam Carroll earns a total of almost €8m on 17 leases he has with the state — his leases and rental bill has actually increased since January of last year.

The embattled property developer lost control of his Zoe group of companies last year following a series of prolonged and high-profile court proceedings. The group was estimated to have owed some €1.3 billion to its bankers.

Mr Carroll and his wife Roisín hold six leases, earning them just over €4m. Five of the leases are based in 26-30 Upper Abbey Street.

Two of these leases are currently vacant and are costing the taxpayer €1.6m per year.

The Civil Service Commission rents a further two spaces, earning Mr and Mrs Carroll €672,175 and €1.2m every year respectively.

Mr Carroll’s company Danninger Ltd holds eight leases, earning in the region of €3.2m from a number of properties around Dublin.

Tenants include the Department of Social and Family Affairs, the Department of Justice and Law Reform, the Road Safety Authority, the Department of Agriculture and the Director of Public Prosecutions.

Property developer Bernard McNamara — whose loans have been taken over by NAMA — is also a landlord to the state.

Well-known in Fianna Fáil circles as a former party councillor in the 1970s, Mr McNamara’s company Belltrap Ltd earns €4.1m for three leases to the Department of Justice and Law Reform, the Department of Social and Family Affairs and Revenue.

Breydon Developments, which Mr McNamara partly owns, receives €188,553.

Other high-profile businessmen such as beef baron, Larry Goodman, and property developer, John Byrne, have also earned millions from having the state as a tenant.

Mr Byrne earns more than €5.7m on nine leases he has with the state.

His company Alstead Securities earns just over €3.3m on a number of properties on Parnell Square in Dublin, occupied by the Department of Enterprise Trade and Innovation, the Director of Corporate Enforcement, the Department of Social and Family Affairs and the National Social and Economic Development Office.

Carlisle Trust Ltd earns €1.3m while Dublin City Estates earns just over €1m.

Beef baron Larry Goodman’s leases earn him €3.7m on the Setanta Centre on Nassau Street in Dublin.

One of his companies Hazeldale receives over €1m for the use of 76-78 Harcourt Street in Dublin, while his firm Halfpipe receives €1.26m for the use of 4-5 Harcourt Road in Dublin.

Heading the list is Irish Life Assurance which earns a staggering €11.8m on leases it has with a range of Government departments.


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