Park Developments loses €1m before tax with turnover down 9.3% to €62m

PROPERTY COMPANY Park Developments, which is owned by developer Michael Cotter, incurred a pretax loss of just over €1 million last year, down from a pretax loss of €3.8 million the previous year.

Turnover, which included revenue from joint ventures, fell by 9.3 per cent to €62 million, down from €68.6 million in 2009.

Some 58 per cent of turnover derived from activity in Ireland, with the remainder in Britain.

Park Developments, which is best known as the company behind the Park commercial development in Carrickmines, Dublin, posted an operating profit of €4.3 million excluding the impact of joint ventures. This is down from €9.1 million the previous year, with losses from its joint ventures pushing the company into the red.

Park Development’s loans are now held by Nama.

The company owed €432 million to its parent company, Quorn, at year end and was owed €367 million by group companies.

Park Developments had net assets of €102 million.

The company is continuing to service its debts as they fall due, the accounts state, although it says “uncertainty exists” in respect of a number of assumptions used in its parent company’s business plan for Nama in relation to “the quantum and timing of revenues from sales of units from complete or near complete construction products”.

The company employed 49 people during the year, down from 73 in 2009.

It had capital commitments of €27.2 million at year end, most of which relates to Delancey, a British real estate fund which invests in property assets.

As well as the Park development in Carrickmines, Park Developments is involved in the development of the Greystones harbour project and has built residential schemes in Ticknock Hill, Sandyford, Kelston, Foxrock, and Carrickmines Wood.