Comer brothers flip Dublin office block for €77m

Galway Bay fm newsroom – Glenamaddy property developers Luke and Brian Comer have made a profit of almost €80m on a Dublin office block purchased during the recession. The block on East Wall Road near the docklands was bought for €5 from a bank appointed receiver over another developer. Brothers Luke and Brian Comer purchased the Beckett Building in 2013 from a receiver appointed by Bank of Scotland over the assets of developer Liam Carroll. At that time, the cost was about €5m. After fitting out the six storey building, the Comer brothers sold it on to South Korean-based Kookmin Bank last year for €101m. According to The Sunday Times, corporate filings show that the firm used to acquire and develop the building, Favonius Property Company, is being wound up. It has assets of almost €77m with liabilities of just €68 thousand. Last year, Luke Comer revealed the group's Irish property portfolio is worth over €2bn – and they intend building more than 10 thousand residential units in Galway, Cork and Dublin within 5 years.