Another receiver appointed to Mick Wallace business
2008 mortgage against the sports complex is also against an associated 14 acres and a wine licence
A receiver has been appointed to Ferrycarrig Park, home to Wexford Youths. Photograph: James Crombie/Inpho
A receiver has been appointed to Ferrycarrig Park, the Newcastle, Co Wexford sports grounds built by Wexford TD Mick Wallace’s construction company, M&J Wallace.
The 2008 mortgage against the sports complex, which is home to the Wexford Youths soccer team, is also against an associated 14 acres and a wine licence.
The mortgage is also against 25 and 26 Great Strand Street, Dublin 1, a number of leases between the company and tenants, and a penthouse apartment in the Behan Square complex in Russell Street, Dublin 1. The later mortgage is against 0.143 hectares at Ferrycarrig.
Mr Wallace could not be contacted yesterday and a spokeswoman for Mr Kavanagh had no comment.
AIB has already appointed receiver Gerard McInerney to the Wallace company in respect of a number of properties, including shops and offices in the Quartiere Bloom complex on Dublin’s Ormond Quay.
In 2011, ACC Bank appointed Declan Taite of FGS as its receiver to a number of other properties linked to Mr Wallace’s company.
Filings since then have shown that the value of the properties have fallen sharply since the start of the boom. A document filed earlier this year by Mr McInerney said a site bought for €4 million had fallen in value to only €350,000.