24 Sept 2022

Portlaoise builder in receivership

A receiver has been appointed to a development company behind some of Portlaoise’s landmark buildings.

A receiver has been appointed to a development company behind some of Portlaoise’s landmark buildings.

It has emerged that ACC bank, which recently pulled out of Ireland, has been appointed to the developers of Parkside apartment, retail and office complex which is located beside the GAA’s O’Moore Park.

Documents from the Companies Registration Office show that RSM Farrell Grant Sparks were appointed to G&L (Grace & Lalor) Property in recent months. The receiver was appointed arising from loans to G&L dating from 2003 to 2008.

The development is confirmed in a recent planning application to Laois County Council for two new GPs’ surgeries. It reveals that a different company wants to take over part of the development.

BPI Investments has applied for permission to change the use of part of one retail unit to a GP surgery, and separately to change three units to a second GP surgery and construct a rear surgery extension on car parking spaces at the back of two of the units.

The application says the units are currently in the ownership of ACC Bank.

It says the receivership is being managed by Declan Taite and Sharon Barrett since August.

Also revealed is the fact that the sale of the units to BPI Investments is subject to planning permission being approved. The receivers have given their consent to the two new GPs’ surgeries.

The planning application was advertised in the Irish Times newspaper in late October.

Built on former GAA-owned land, which was sold for approximately €1 million in 2003 to G&L Property Investments, the Parkside development also includes office accommodation, restaurants and retail outlets such as Superquinn and at the time was one of the largest such developments undertaken in the midlands.

Parkside was once a sought after location in Portlaoise, as people queued all night to secure an apartment when they first went on sale, but now just a handful are occupied.

G&L Properties was founded in Portlaoise in 1996. Since then it has built everything from houses, offices and public buildings.

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