Building firm to discharge Foxrock debt
A DUBLIN construction company involved in a project where two large houses were built on the 1.4 acre grounds of a redeveloped 19th century house on Westminster Road, Foxrock, Co Dublin, during the boom years, has agreed to discharge a related debt of €453,598, for just €100,000.
The agreement is to be exercised at the time of the sale of the properties, according to the accounts for Dukedom Ltd, the company behind the development on the grounds of Grasmere, a substantial 19th century house that featured in a 1997 court case involving the Irish Permanent Building Society and its former chief executive, Dr Edmund Farrell.
The accounts for the year to the end of December 2010, which have just been filed, show the company had stock it valued at €5 million at the end of that period, and a deficiency of assets of €654,704. The accounts note that the creditors include Shultan Construction Ltd and that in February of this year that company agreed to discharge a debt of €453,598 for €100,000 on the sale of the Foxrock properties. Bank loans were €5.9 million at the end of 2010 and the two Dukedom directors, David Arnold and Paul Inglis, were owed €1.6 million and €218,90 respectively. The two directors, who are also Dukedom’s shareholders, comprised the Grasmere Co-ownership Partnership which owed the company €614,158 at year’s end. Grasmere, the house, was renovated and put onto the market for €6.75 million in 2007. Last year Hazelmere, a 650sq metre property with six bedrooms and one of the houses built on the grounds, was put up for sale for €2.95 million.