Vice Chair Eric Leach reports that according to ‘Property Week’ magazine would-be Ealing centre developer Glenkerrin is facing collapse.
Grant Thornton is expected to be appointed on 10 May as Administrators to the company’s five London properties. Irelend’s National Asset Management Agency (NAMA) is the instigator of this action. NAMA also appointed Grant Thornton as Receivers to the Irish Glenkerrin properties.
Glenkerrin bought up the existing Arcadia site and other properties immediately west of Ealing Broadway Station and proposed a retail and residential development , including a 26 storey residential block, in 2008. Ealing Council agreed to the Planning Application but the Government eventually turned it down in December 2009. WEN as part of Save Ealing Centre spoke at a Government Inquiry on the application and you can read Eric’s personal blog of the daily twists and turns of this Inquiry here).
It appears that Glenkerrin is in debt to the tune of 650 Million Euros.
WEN is not surprised at Glenkerrin’s collapse, but we are surprised that it has taken so long for it to take place.
Eric Leach