Nama to sell nine Quinlan properties

A receiver appointed by the State’s National Asset Management Agency is set to put nine properties owned by developer Derek Quinlan and his family on the market to retrieve some of the money he borrowed from Irish banks.

The agency yesterday appointed estate agent Paul McDowell of Knight Frank Ireland as statutory receiver over nine properties owned by Mr Quinlan, his wife Siobhán and other family members.

The properties are mainly residential and located in high- profile Dublin addresses such as Ailesbury Road, Shrewsbury Road and Fitzwilliam Square.

The appointment of Mr McDowell, a property specialist rather than an accountant, indicates that the agency intends selling the properties relatively quickly.

Nama did not reveal how much the Quinlans owe the agency in relation to these properties, but the sum is estimated to run into the tens of millions. Mr Quinlan paid over €8 million for one of the homes involved.

If Nama does not get full repayment of the debt through the sale of the properties, Mr Quinlan and his family will have to repay the outstanding balance.

Mr Quinlan was one of the most active property dealers during the boom. The business he established, Quinlan Private, paid €1.1 billion for London's Savoy hotel group in 2004.

Mr Quinlan moved to Switzerland in 2009 and no longer has any direct involvement with the firm, which has since changed its name to Avestus.

Earlier this week, Nama chairman Frank Daly said that it was preparing to move against 30 developers whose plans to repay their debts did not satisfy the agency, or who were attempting to delay its work.