An overseas investor has paid about €2.5 million for Bill Cullen’s modern garage and showrooms at Airside Motor Park in Swords, Co Dublin.
The sale was triggered by Tom Kavanagh and Ken Fennell of Kavanagh Fennell, appointed receivers by Ulster Bank, which had apparently advanced €12 million in loans to Mr Cullen’s Glencullen Holdings. A second dealership in Liffey Valley is expected to sell in the coming weeks.
The Swords building is regarded as one of the best in the Airside motor mall, partially because it has frontage on to the entrance. The building extends to 2,372sq m (25,533sq ft) and includes a purpose-built showroom, offices and service centre, as well as an ancillary wash/valet bay to the rear.
Brendan Smyth of DTZ Sherry FitzGerald originally sought €2.6 million for the property last November and indicated that if a purchaser did not emerge the receivers would consider leasing the premises at a rent of €260,000 per annum.