"Ireland’s National Asset Management Agency (NAMA) has applied to appoint administrators to Irish developer Glenkerrin’s UK properties. The administration hearing, due to be heard on 10 May, would involve the appointment of administrators at Grant Thornton to the company’s five London properties.
These are the Crowne Plaza hotel in Shoreditch, three developments near Canary Wharf in Docklands - an apartment block called the Forge, the Island Point residential development and a proposed 62-storey residential and hotel tower, designed by Foster & Partners, called City Pride – and a retail and residential site, Ealing Arcadia, in Ealing Broadway.
Yesterday, NAMA appointed Paul McCann and Michael McAteer of Grant Thornton as receivers to Irish properties owned by Ray and Danny Grehan personally and through their development business, Glenkerrin, in a bid to recover a €650m debt.
The Grehan’s major properties include the Grange apartment complex in Stillorgan, the Glenroyal Hotel in Maynooth and the former site of the UCD Veterinary College in Ballsbridge. Ray Grehan paid €171.5m for the Veterinary College site in 2005 which made it, at the time, the most expensive site per acre in the country.
He is thought to have bought an apartment at “super-prime” apartment block One Hyde Park, developed by Christian Candy’s CPC Group and Qatari prime minister Sheikh Hamad Bin Jasim Al-Thani."
The importance of this is not only that the Arcadia site is back in play (and the Council is believed to be in private talks already with another potential developer), but also that the lease on the station site (Villiers House and shops, including the BBC car park) is also owned by Glenkerrin.
This is a unique opportunity for a comprehensive redevelopment of the station to coincide with Crossrail, which so far Ealing Council has refused to get to grips with, as have also Crossrail themselves, Network Rail and TfL.
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