Grant Thornton sells Camden Yard to Dublin City Council

Grant Thornton has completed the receivership sale of Camden Yard to Dublin City Council, which is expected to make the Kevin Street development its new headquarters. Construction of the flagship urban regeneration project commenced in Dublin 8 in 2022, with plans for a mixed-use development comprising 407,000 sq ft of office accommodation and 299 residential unit. However, by the end of 2024, the project encountered significant difficulties, and John Boland and Nicholas O’Dwyer of Grant Thornton were appointed as joint receivers. At the time of their appointment, the development was constructed to first-floor level, the main contractor was in the process of demobilising, substantial sums were owed to a wide range of creditors, construction materials were located across European jurisdictions and the company was engaged in ongoing litigation and facing liquidation. Over the past 15 months, the joint receivers stabilised the project, managing the controlled exit of the main contractor and securing arrangements to preserve the value of construction materials located in Europe. A structured and competitive sales process was implemented by Grant Thornton's restructuring, tax and debt advisory teams. The sales process was delivered in conjunction with the Development Land team at CBRE, alongside legal advisers Eversheds Sutherland and Graham Kenny Solicitors. Grant Thornton said the sale of Camden Yard to the council represents a positive outcome for its client and all stakeholders. “We are pleased to confirm the successful receivership sale of Camden Yard to Dublin City Council," said John Boland. "This was a complex project from the outset, involving an active construction site with multiple stakeholders and delivery challenges. Dublin City Council is planning to move from its Wood Quay offices. (Pic: RollingNews.ie) "The outcome represents a positive result for stakeholders, and we now look forward to seeing this strategically important site move into its next phase.” Grant Thornton has managed complex development and real estate insolvencies, including Greenside House, Connaught House, The Beckett Building, The EXO Building, the Point Square District Centre and multiple windfarms development projects across Italy (WeLink). Photo: Camden Yard. (Pic: Google Maps)

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