Copyright independent
New accounts filed by OCES Property Holdings Ltd show the loss arose chiefly from the company recording a non-cash impairment of €5.5m on its property along with interest payments of €8m. The directors state that the main property development is completed with the lease-up ongoing. They said the assets will be sold following full occupation and stabilisation which is not envisaged until 2027. Pre-tax losses of €15.27m is a 20pc reduction on the losses of €18.95m The directors consider the result for the financial year and the financial year end position to be satisfactory. Pre-tax losses of €15.27m is a 20pc reduction on the losses of €18.95m in 2023. In 2024, the company successfully let its vacant major retail unit to Decathlon and, during the course of the year, both H&M and Decathlon commenced trade in the respective units. These leading brands joined Pret A Manger and on-the-go sushi brand Rolled. A third of the office space was also sold to the Health Service Executive on behalf of the Rotunda Hospital, for a new maternity outpatient hospital catering for over 100,000 outpatients annually. Revenues last year increased more than eightfold from €169,157 to €1.45m and the directors state that revenues increased by €1.28m “primarily driven by rental income resulting in reduction in the company’s loss from last year”. The firm also benefited from ‘other operating income’ of €725,027 made up of a €400,027 gain on sale of the fifth-floor Block B in June 2024 and €325,000 from a litigation settlement in February 2024. Paddy McKillen Jr’s Oakmount is a very small shareholder in the venture that is being driven by a division of New York-based real-estate firm Rockefeller Group – Europa Capital, and another local partner, Derek McGrath’s Core Capital. They purchased the site for a sum understood to be in the region of €63m in 2018. The new accounts put a book value of €54.1m on the property being developed at the end of 2024. The firm’s rental income of €1.57m was offset by lease incentives of €124,181.
