Wallace’s flagship property assets only worth €4m

Flagship property assets owned by independent TD Mick Wallace’s main construction firm, M&J Wallace, now have only a combined estimated value of €4m.

That is according to documents lodged by Declan Taite, of receiver RSM Farrell Grant Sparks, with the Companies Office.

Last May, ACC Bank appointed Mr Taite as receiver to three of M&J Wallace’s main property assets.

These relate to the Italian Quarter on Dublin’s Ormonde Quay, along with an apartment complex near Croke Park and development land in Rathgar.

According to the receiver’s extract lodged with the Companies Office, it states that the 11 residential apartments and nine commercial units in Dublin 1 have an estimated value of €3m.

These properties are believed to relate to the development at Ormonde Quay and the apartment complex near Croke Park.

The extract states that the development site with planning permission located at Rathgar has an estimated value of €1m.

The documents confirm that the properties taken over by Mr Taite have generated €88,966 in rental income, with various costs to date totalling €3,045.

The properties are not yet for sale and it is understood that RSM Farrell Grant Sparks have been in discussions with ACC on the strategy to put in place for the properties.

Mr Wallace declined to comment on the content of the receiver’s extract.

A spokesman said that Mr Wallace would “not be commenting on the matter until it becomes clearer how developments will affect the company over the coming months”.

Mr Wallace has previously said he owes €40m to various banks. These are understood to include Ulster Bank, AIB and Bank of Scotland Ireland, as well as ACC.

Last May, Mr Wallace said that ACC told him that he owed the bank €18.4m.

The most recent accounts lodged by M&J Wallace Ltd in the year to the end of Aug 2008 show that the company’s investment properties were valued at €22.4m with the firm’s work in progress valued at €34.5m.

The accounts show that an Aug 2004 valuation of fixed asset properties and investment properties at Ormond Quay gave a combined value of €11.2m.

The value of these properties — along with a €1.35m investment property in Dublin — were written down in the 2008 accounts by €2.2m.

ACC Bank has secured summary judgment orders for more than €19m against Mr Wallace and his company.

More in this section

Puzzles logo
IE-logo

Puzzles hub

Visit our brain gym where you will find simple and cryptic crosswords, sudoku puzzles and much more. Updated at midnight every day.

Puzzles logo
IE-logo

Puzzles hub

Visit our brain gym where you will find simple and cryptic crosswords, sudoku puzzles and much more. Updated at midnight every day.