Property

At RSM Farrell Grant Sparks, we have been known for our extensive property expertise, particularly in Public Private Partnerships and project finance in Ireland.

Our clients in the property sector include a wide range of businesses, SMEs and owners/directors, and high net worth individuals. We also act for financial institutions, providing integrated financial and property solutions adapted to the market needs.

While government projects have been scaled back in recent years, the arrival of NAMA presents a new series of challenges and opportunities within the property sector.

We have successfully completed several high-profile assignments in this area, providing advisory services to lenders alongside more traditional insolvency appointments.

Property services

 Our expert, multidisciplinary team offers the following advisory services:

• Financial advice on property, accounting, taxation, restructuring and disposal strategies
• Property asset management – for example, if necessary we can assume control of a property portfolio in receivership and actively manage it over the long term with the required knowledge and expertise
• Asset restructuring – assessment of development or investment options and devising a suitable strategy
• Property management and estate management
• Property accounting – rent and service charge collections, arrears, debtors and  creditors
• Project management of workout solutions for part completed portfolios and estates (team assembly, contractors and certification etc)
• Advisory services on property acquisitions and disposals

Sample assignments

We have been engaged in a wide range of projects related to construction, residential and commercial property including hotels and development land. Examples of assignments successfully completed in the property sector include advisory work for:

• Redevelopment of the Ard Ri Hotel site in Waterford City. This included:
  • Negotiations with Waterford City and Kilkenny County officials to agree options and  specification of dereliction notice served on the site
  • Advising bank on implications of CPO, retention of established heights and outlook for planning landscape in the medium term
  • Extending planning permissions under new planning legislation
  • Project management of the tender process for “best price” and on-site supervision of selected contractor to carry out the agreed works
  • Implementation of agreed works and removal of dereliction notice to facilitate onward sale to alternative third party on completion

• Investors in challenged Liberty Asset Management / Friends First Crystal (IRL) & Orion (UK) Property Funds on behalf of the syndicate of high net worth individuals. This involved:
  • A review of all asset values, valuations, equity raised, fees paid, investments acquired, policies adopted, banking exposures and debts contracted
  • Detailed discussions with Irish and foreign owned banks regarding repossession options, exercise of security and guarantees provided
  • Interviews with former and new fund managers to agree strategies for recovery of as much lost value as possible from remaining equity and property assets

• A number of high net-worth individuals seeking to acquire a portfolio of bank assets for sale in one large lot or in single lots. Our property team undertook an assessment of clear over-rented bank properties and the impact of the short term income yield over the longer term pension expectations of the investors.

Find out more about our services for the property sector – contact Niall Rice or Pearse Farrell today.

Property-related services

Read about our services in:

• Taxation – domestic and international property
• Restructuring and insolvency  – property IBRs