ONE of the last big titans of property development in Limerick has seen NAMA take control of a major tranche of his property empire in the city.
Limerick solicitor Paul O’Brien has had a statutory receiver appointed to many of his assets in Limerick, including the Grand Central Cinema on Bedford Row, as well as properties throughout the country.
In a statement to the Limerick Leader, Mr O’Brien said he is “disappointed” by NAMA’s decision to appoint a receiver to the assets of these companies, and he is now focusing all of his time on his legal practice.
But his legal practice, McMahon O’Brien Solicitors, also wished to clarify that they are “in no way affected by matters between NAMA and Mr O’Brien”, who they said is acting in a personal capacity.
Within the last week a receiver has been appointed to Kilminchy Holdings, Mount Kennett Investment, M.K.I. Property Investments, while his most well known company - Greenband Investments - had a statutory receiver appointed to it at the beginning of last year.
It is expected that a local receiver will look to sell or continue to rent major assets including properties on Sarsfield Street and Patrick Street in Limerick city, the Grand Central Cinema, a shopping centre in Annacotty, and five retail units at Castletroy Court, amongst others.
*This is an edited version of a story that appeared in the Limerick Leader tabloid edition, January 23, 2012.