Housing boom family continue Galway property spending spree

BY ENDA CUNNINGHAM

A family of prolific property investors originally from Glenamaddy are continuing their multi-million euro spending spree across Galway, snapping up apartment blocks, commercial units and development sites,

The former billionaire Comers – Brian, Barry and Luke Jnr – are purchasing distressed properties across the city and county at knock-down prices through a series of property companies which they formed in recent months.

Among the areas on their ‘shopping list’ are Knocknacarra, Cappagh Road, Merlin Park, Newcastle and Oranmore.

The Sentinel can reveal that their most recent purchases in the city include the ‘Silver Seas’ development of 18 apartments on the Cappagh Road, which had initially been owned by Sean and Shane Cuddy of Cuddy Development Ltd.

The Comers – who famously came close to buying Aston Villa at the height of the boom – purchased the site through a company called Sinndar Property Company, and have now been requested by the City Council to outline their plans to complete the site and remove construction materials.

The family is also believed to have tendered to purchase the luxury development of Bun na Leaca near NUI Galway, which went was placed for sale recently with a guide price of €1.4m.

The development comprises ten three- and four-bed townhouses and four three-bed gate lodges, which had initially been developed by the Fitzgerald Group from Gort, but was subsequently put on the market by the National Asset Management Agency (NAMA).

The properties were on the market for in excess of €700,000 each when first offered for sale as the market crashed in 2007.

The Comers have also bought up an office, retail and residential development in Main Street in Oranmore (which now houses Bank of Ireland among others) through a vehicle called Empery Property Company.They have just secured planning permission for a change of use of office space on the ground, first and second floors for hostel use. 

It’s understood the family has also purchased a tranche of apartments in Doughiska as well as other development land on the east side of the city, and have also expressed an interest in a hotel.

Previously, this newspaper reported that the family purchased Kingston Hall in Knocknacarra – a development of more than 30 luxury apartments and a number of commercial units opposite Joyce’s Supermarket through an investment vehicle called Grundy Property Company.

Since January 2012, the Comers have formed more than 30 companies in Ireland, all of which are behind specific developments the have purchased in Dublin and Galway. 

The Comer Group sold off most of its investments in the UK in 2006, and bought retail centres, office blocks and hotels in Germany. Most of the German portfolio was then sold at a massive profit to fund the Irish purchases.