THE SPAWELL Leisure Complex on the Templeogue Road in south Dublin is producing more than €600,000 per annum in rental income for Nama after it took over an AIB loan on the centre.
AIB had earlier appointed Paul McCann of Grant Thornton as receiver to Wellington Limited Partnership, the comany run by property developer Frank Gormley, which acquired the 34-acre complex at the height of the property market.
The Spawell facility is particularly well known because of its primary location on the Templeogue Road and the Tallaght Road close to junction 11 of the M50.
Paul Collins of CBRE has just leased the 18-hole par-three golf course and driving range to Edmar Golf at a rent of more than €250,000 per annum. Edmar has, in turn, appointed Carr Golf Services to upgrade and operate the golf facilities. The 26-acre complex will be held on a 10-year lease with a landlord break option in year five and annually thereafter.
The former tennis centre has been redeveloped into a series of five-a-side soccer pitches now run by UK company Power League, while tenants have also been secured for the bar, hairdressing salon, barber’s shop and other retail units.
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