The headquarters of Irish property developer Paddy Kelly has been seized by Bank of Ireland.
Bank of Ireland Private Banking has appointed a receiver to take back Kelly’s Redquartz Developments HQ, at 128 Baggot Street in Dublin.
Grant Thornton has been appointed as receiver and manager of the property. Other tenants in the building have been informed to pay rent directly to the receiver rather than to Kelly.
Kelly, who had a portfolio of more than €2bn (£1.86bn) in Ireland and the US, was recently at the high court exploring the possibility of bankruptcy. Kelly said that his liabilities exceeded his assets.
In February nationalised bank Anglo Irish, which backed a number of Kelly’s projects, stopped further drawings on a facility it granted the developer last year. The bank’s manoeuvre had a “dramatic impact” on his ability to access funds to discharge his rental obligations.
Kelly was one of a trio of Irish investors that in 2007 bought a 50% stake in Ballymore’s £1bn mixed-use scheme in Silvertown, east London, for £130m.
Other projects the developer is involved in include a $1bn (£705,000) waterfront development in Sarasota, Florida, and a €1.5bn (£1.4bn) redevelopment of Bray town centre.
