A company controlled by businessman Larry Goodman realised €11.23 million from its one-third share of a 90-acre parcel of land at Leixlip, Co Kildare, when the property was sold to Albany Homes.
Mr Goodman's investment in the company that sold the land was valued at €232,997 in the most recent accounts for his own company, Hazeldale Ltd.
Records filed in the Companies Office also indicate that a Lucan-based couple, Brendan and Deborah Delaney, also realised €11.23 million from their one-third interest in the property. It is unclear from the records whether other smaller investors in the land sold up when Albany took control of the property last December.
The deal centred on land attached to a former Irish Meat Packers slaughter plant that was set up by Cork Marts in the 1970s. When Irish Meat Packers failed, Mr Goodman was among a number of meat industry figures that bought the factory and lands.
While some of these lands were later sold on for the Hewlett Packard plant at Leixlip, Albany Homes acquired a controlling interest in the remaining 90 acres late last year.
Albany is owned by the former Manor Park Homebuilders executive David Daly, who is now one of the best-known investors in the Dublin property market. His acquisition of the Leixlip site was reported yesterday in the Irish Farmers' Journal.
Mr Goodman's spokesman confirmed yesterday that the sale had taken place, but declined to comment on the detail of the deal. The transaction was executed on December 9th last through Albany's takeover of the company that held the land, Bayzana Ltd.
Hazeldale owned one-third of this company while the vehicle controlled by the Delaneys, Demesne Nominees Ltd, owned another third. The remaining third was shared between Eileen Broe, Gerard Conlan, Patrick Conlan, Mary Connolly, Catherine Field, and Anne Hume, all of whom are based in Co Kildare.
The ordinary shares held by Hazeldale and Demesne Nominees were converted to redeemable shares. These shareholdings were, in turn, redeemed for €11.23 million and cancelled.
The latest Bayzana accounts valued its property at Leixlip at €2.88 million at end of March 2004. The land was valued in May 1996 by E.A. Coonan & Son at £1.25 million (€1.59 million).
The accounts for Hazeldale, described as a property investment company, valued its investment in Bayzana at €232,997 in the year to March 2004. With rental income of €1.1 million in year the company had operating profits of €977,224 but made a pretax loss of €505,247.
Albany has since sought permission to build 476 houses on the lands at Barnhall.
