Sunday 26 April 2009

Millionaire developer changes his Ailesbury Road address

Developer Bernard McNamara has changed his official registered address from affluent Ailesbury Road in Dublin 4 to an office building on Pembroke Street in Dublin's business district.

There has been sustained speculation for almost a year that McNamara has put his Ailesbury Road home on the market. The house comes with complete with cinema, ballroom and underground swimming pool.

McNamara has lodged documents with the Companies Office to change his address as a company director to No 87-89 Pembroke Road, Dublin 4, the headquarters for many of McNamara's companies

A number of McNamara's companies have highlighted the severity of the property downturn in their accounts in recent months.

The developer owes large sums to several Irish banks and has been in communication with them about his financial position.

Reports have circulated among Dublin estate agents that the house on Ailesbury Road had been bought by the daughter of a well-known businessman for about €10m after being sold through estate agent Finnegan Menton.

That was denied at the time by McNamara's spokesman James Morrissey of PR agency Fleishman Hillard.

Morrissey did not return calls last week to answer queries on McNamara's decision to change his home address as a director.

Morrissey and McNamara are listed as directors of a company called Varleigh, which is due in the big business division of the High Court on Monday.

Morrissey and Varleigh are seeking to have the Commercial Court hear a case against Ronan McNamee, who founded Cuisine de France.

Varleigh owns land and buildings on the Belgard Road in Tallaght which are let to pharmaceutical wholesaler Uniphar, according to mortgage documents lodged with the Companies Office. The mortgage was given by Ulster Bank.

Varleigh's accounts for the period ended 31 March 2007 show it had after-tax losses of more than €1.1m and assets worth €59m.

Sunday Tribune

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