Grant Thornton has completed the receivership sale of Camden Yard to Dublin City Council, which it said was a positive outcome on one of the most complex and high-profile development assets in Dublin city centre.
Camden Yard was started in 2022 as a flagship urban regeneration project in Dublin 8, with plans for a mixed-use development comprising about 407,000 square feet of office accommodation and 299 residential units.
But by the end of 2024, the project had encountered significant difficulties, and John Boland and Nicholas O’Dwyer of Grant Thornton were appointed as Joint Receivers.
At that stage, the project was constructed to first floor level and 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, the company was engaged in ongoing litigation and facing liquidation.
15 months after their appointment, the Joint Receivers had stabilised the project, managing the controlled exit of the main contractor and securing arrangements to preserve the value of construction materials located in Europe.
With the site stabilised, a structured and competitive sales process was implemented.
Grant Thornton said the sales process was delivered in conjunction with the Development Land team at CBRE, alongside legal advisers Eversheds Sutherland and Graham Kenny Solicitors.
“This was a complex project from the outset, involving an active construction site with multiple stakeholders and delivery challenges,” John Boland, Joint Receiver of Camden Yard and Director at Grant Thornton, said.
“The outcome represents a positive result for stakeholders, and we now look forward to seeing this strategically important site move into its next phase,” he added.
