Two London offices previously linked to firms whose directors manage investments for Ryanair boss Michael O’Leary were sold in 2015 and last year for a total of £57m (€66m).
M land registry documents obtained from the Sunday independent reveal that an office at 100 Fetter Lane in the city’s legal precinct, which surrounds Chancery Lane, was sold for £38.7million including VAT in January last year.
The property was previously owned by Bradley Investments – a company whose director is accountant Pascal Keegan, who manages investments for Michael O’Leary.
The site of the property is now being redeveloped by its new owners, private equity firm BauMont and its partner YardNine, with demolition beginning in January this year.
In place of the old office where the Beachcroft law firm leased until 2019, a 15-storey modern BREAAM building rated “Outstanding” will be constructed, offering 93,500 square meters of office space with several green terraces and a roof garden.
According to architects Fletcher Priest, the new development will also include a pub, The White Swan, which occupied a corner of the site. The White Swan was a popular haunt for many journalists during the heyday of nearby Fleet Street.
Figures from consultant Rider Levett Bucknall suggest the redevelopment will cost at least £50million.
In 2012, O’Leary won a lawsuit over a proposed development that would have blocked the light in the Fetter Lane office.
A second office, previously owned by Bradley Investments, at 50 Mark Lane in the City of London – near the Tower of London – was sold in July 2015 for £19.5m. Bradley Investments took out a loan on the Mark Lane property in August 2002 and disbursed it in July 2015, according to company records.
She took out a loan for the Fetter Lane building in January 2003 and repaid it in November 2016.
Rents in both boroughs have risen by at least 60 to 70 percent over the past 20 years, with potential sales values rising accordingly, according to current rent figures and data from consultancy Tower Eight and property investor Derwent London.
The data suggests O’Leary’s firm may have taken in as much as £20million in rent while owning the properties.
The data also suggests the Mark Lane property may have increased in value by £7m and the Fetter Lane building by £13m.
A spokesman for Michael O’Leary declined to comment, as did Pascal Keegan.
https://www.independent.ie/business/commercial-property/michael-oleary-linked-london-offices-sold-for-57m-41787949.html London offices linked to Michael O’Leary have been sold for £57m