Hooke & MacDonald Asset Management
The Knowledge to Make it Work



Glenkerrin Portfolio


Background

  • Receiver (Grant Thornton) appointed by NAMA
  • Full Asset Management role
  • Large mixed asset portfolio at various stages of completion
  • 169 completed apartments & houses (multiple locations)
  • 242 partly completed apartments (The Grange & St. Edmunds)
  • 16,000 sqm/172,000 sqft.of completed offices & warehouses (Maynooth Business Campus & The Grange
  • 9 development sites (Howth, Ballsbridge, Stillorgan, Palmerstown, Rathmines, Wicklow)

Scope of Work

  • Secured rental income immediately
  • Prepared Business Plan incl. long term cash flow
  • Developed strategy options for each asset
  • Sales / lettings
  • Hold & manage assets
  • Improve planning
  • Construction completion
  • Implementing & monitoring strategy

Part of the Glenkerrin Portfolio - Role at The Grange includes:
  1. Lettings & day-to-day management of residential & offices
  2. Lettings of the office building to create investment
  3. Development consultancy (partly completed block +3 sites)
  4. On-going strategic advice to maximise the value of sites & asset

 

South Dublin Development

 

Background

  • Receiver (RSM FGS) appointed by syndicate banks
  • Asset management role
  • Large mixed use asset at various stages of completion
  • 195 completed apartments
  • 224 partly completed apartments
  • 2 large development sites (some construction commenced)

 

Scope of Work

  • Secured rental income immediately
  • Reviewed condition of assets & marketability
  • Advised on planning & completion strategy
  • Secured ‘change of use’ (live-work units to residential)
  • Prepared Business Plan incl. long term cash flow
  • Arranged fit-out programme
  • Secured tenants with 100% occupancy on furnished units
  • Managed tenancies

 

Honeypark / Old Dun Laoghaire Golf Course

 

Background

  • Cosgrave Developments acquired site in 2002
  • Appointed Hooke & MacDonald as development consultants & selling agents
  • 856 houses & apartments, creche, neighbourhood centre and c.5 acres of park

 

Scope of Work

  • Working with Design Team and advising on most marketable plans & layouts
  • Advising on Phasing of development
  • Estimation of sales revenue
  • Input into Business Plan
  • Agency arm of Hooke & MacDonald:
  • Creation & implementation of marketing & sales strategy
  • Coordination of media coverage
  • Launching development (April 2012) and managing sales process
  • Initial results - Great public response and substantial sales achieved at prices mainly from €475,000 to €610,000.

Retail / Residential Property in Dublin

 

City Centre development comprising of 22 Apartments & 3 retail units

 

Scope of Work

  • Negotiations with existing convenience store tenant followed by sourcing new tenant
  • Vacating of in situ poor residential tenants
  • Dealing with aftermath of fire and insurance claim
  • Tender for refurbishment of apartments
  • Tender, supervision & management of refurbishment
  • Delivering saleable asset & investment for disposal


12 Acre Prime Site in North Dublin

 

Background

  • Receiver appointed
  • Large development site, incorporating industrial buildings & showrooms
  • Zoned for development & planning permission on part of the site

Scope of Work

  • Addressing health & safety concerns
  • Development of overall strategy for the land & costings
  • Managing short term lettings
  • Liaising with prospective purchasers / enquirers
  • Providing development consultants for proposed redevelopment & assessment of viability
  • Assembled & managed Design Team for a new planning application & liaised with Local Authority
  • Achieved valuable new planning permission, thus enhancing value


Re-development Property in Dublin City Centre

 

Background

  • Office and retail block of c.1,000 sq.m. beside Jervis Street Shopping Centre
  • Property originally acquired for redevelopment, lying idle with no income to service interest

 

Scope of Work

  • Assessed stakeholder options
  • Objective to generate medium term rental income from building
  • Advised on cost effective re-fitting and redecoration to improve marketability to prospective tenants
  • Devised & implemented targeted marketing campaign to identify potential occupiers
  • Secured educational user for 650 sq.m. and 3 tenants for the retail element. Created saleable asset.
  • Advising on future re-development and required alterations to enhance the future development value, if not disposed of

Fixed Charge Receivership Examples

 

Most recent fixed charge receivership appointments include:

  • Retail Unit in County Meath
  • Multi-unit residential portfolio in Dublin City Centre
  • Mixed residential portfolio in Leinster
  • Retail property in Sandyford
  • Partly complete development site in Galway

 

Typical Scope of Works

  • Inform Borrower
  • Secure assets & take control
  • Assess the assets
  • Manage tenancies and get tenants to co-operate and paying income to Receiver
  • Carry out maintenance as required
  • Agree & implement strategy
  • Addressing 'ready for sale' items e.g.
  • Planning
  • Service charge liabilities
  • MUD Act
  • Property management structures
  • Continue to manage / dispose of assets