KNIGHT FRANK IRELAND APPOINTED RECEIVERS BY NAMA
Date : 14 April 2011
Knight Frank Ireland has secured a major achievement with an appointment by NAMA (the National Asset Management Agency).
As of Thursday 14 April, Paul McDowell of Knight Frank Ireland was appointed the Statutory Receiver by NAMA for 9 properties owned by one of Ireland’s former biggest and wealthiest property developers, Derek Quinlan, and by members of his immediate family.
The investor and property developer Derek Quinlan, formerly worth €4.7 billion and who previously worked with the Revenue Commissioners and founded Quinlan Private from which he stepped down in July 2009, failed to present and agree an appropriate business plan setting out how he planned to repay loans owed to NAMA.
Derek Quinlan, his wife and daughter, personally owned a number of prestigious high-end properties in Dublin.
These assets, a portfolio of 9 mainly centrally located high-end residential properties, have now been taken charge of by Paul McDowell, managing director and head of investment at of Knight Frank Ireland, on his appointment as Fixed Charge Receiver.
They include two commercial investment properties in Georgian Dublin centre city’s Fitzwilliam Square and on Raglan Road, a former embassy on Ailesbury Road, an apartment at the Merrion Hotel and large residential Dublin city properties at Donnybrook, Elgin Road, Ailesbury Wood and Grosvenor Square, as well as a suburban residence on a few acres on Glenamuck Road.
The entire portfolio was officially taken charge of by Mr. McDowell yesterday afternoon, excluding Elgin Road, which will be taken possession of late next week.
Paul McDowell will be assisted by Suzanne Fitzgerald, a senior investment surveyor at Knight Frank Ireland, and John Mockler, managing director of Knight Frank Management Ireland.
Derek Quinlan through Quinlan Private had invested in property across Western Europe and in central and Eastern Europe. Quinlan Private’s first major international deal was in 2004 with the purchase of the Savoy Hotel group in London for €1.1billion by a group of Irish investors led by Derek Quinlan.