A bank-appointed receiver is seeking court orders preventing interference with his efforts to take possession of the 304-space car park at the Pavilion Leisure Complex in Dun Laoghaire.
Receiver Declan Taite claims Templevara Investments Ltd, which he says took over the lease of the car park from a consortium which was loaned just over €5 millon by ACC to buy the Marine Road property in 1998, should be restrained interfering with his lawful right to take possession of the property which he says is worth about €2 million.
Mr Taite was appointed receiver by ACC in June 2014 and claims Templevara has refused or neglected to yield up possession.
In an affidavit, Mr Taite says the property was leased by Dún Laoghire Co Council to Pavlilion Leisure Complex (PLC) in 1998 for 125 years, which in turn leased it to the “Pavilion Consortium”, a group of eight individuals which got the ACC loan.
Assign or lease
It was a condition of the loan the consortium could not, without the bank’s permission, assign or lease the property. But in February 2000 it purported to lease its interest to Templevara for 62 years, beginning in April 2012, he claims.
ACC, in June 2014, demanded repayment of the balance of the original €5 million loan but that was not repaid, he says.
Templevara has sought to pay rent to him in reliance on the purported lease but he has refused to accept that, he says.
Templevara has appointed Park Rite to operate the car park and has refused to give up possession, he says.
Mr Justice Brian McGovern admitted the case to the Commercial Court list after rejecting claims by counsel for Templevara of delay by Mr Taite in bringing it. There had been negotiations before proceedings were issued and he was satisfied there was no culpable delay, said the judge.