Jermyn loans CMH £6.8m for Sandyford land

Jermyn Investment Properties, the London and Dublin listed property company, has provided a loan of £6.8 million to Castle Market Holdings (CMH), its Irish joint venture company. The funds have gone towards the financing of the £26 million acquisition of 20 acres in Sandyford. Planning permission has been submitted for 1.75 million sq ft office and mixed use business park. Jermyn owns 50 per cent of CMH, the other 50 per cent is controlled by Treasury Holdings which, in turn, is owned by Mr John Ronan and Mr Richard Barrett. CHM owns 50 per cent of the Sandyford property; the other 50 per cent is owned by private investors. Jermyn, in effect, has a quarter stake in the proposed development.

CMH has also exchanged contracts to acquire a site of 37 acres in Clondalkin, close to the motorway ring to the west of Dublin. It has secured consent for a 440,000 sq ft town centre scheme, subject to the appeals process. The deal is subject to full planning permission being obtained. CMH recently secured planning permission of a 100,000 sq ft extension of the Stillorgan Shopping Centre. And it is awaiting the arbitrator's decision on rent reviews on three office blocks of some 115,000 sq ft adjacent to St Stephen's Green. Interim results show a doubling of property income to £2.96 million in the six months to June 30th, 1998. Profit before tax increased by 154 per cent to £1.37 million. The interim dividend is being raised from 2.5p to 2.7p.