Sunday, 14 March 2010

Gormley gets Spawell green light

Developer Frank Gormley has been given the go-ahead to redevelop the Spawell Golf and Leisure Centre in Templeogue, Dublin 6W.

Gormley's Wellington General Partner (WGP) has been given the thumbs up to plans to demolish the existing structures on the site and develop a new leisure centre, a 149-bedroom hotel, a driving range and two shops on the site.

WGP will have to pay more than €2.6m towards public infrastructure and facilities before development begins.

Accounts for WGP for the year ended 30 April 2008 show that the company incurred a loss of more than €12.1m after charging a provision for impairment of the property. After the year-end, noted auditors Dillon Kelly Cregan, the company received a formal demand from AIB for the repayment of the amounts it had advanced to the company. "The directors remain hopeful that the loan facilities can be renegotiated on the terms acceptable to the company. The directors have been engaged in ongoing discussions with the bank in this regard," an emphasis of matter note to the auditors' report states. There was also a deferred consideration of €13.6m arising from the acquisition of the company's property which was due on October 2009.

"It is the intention of the directors to seek payment terms from the creditors concerned for the discharge of this liability," the report states.

Sunday Tribune

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