The property company that has developed Clery's Quarter on Dublin’s O'Connell Street last year recorded pre-tax losses of €15.27m as the project continued in its start-up phase.
New accounts filed by OCES Property Holdings Ltd show that 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 state that the assets will be sold following full occupation and stabilisation which is not envisaged until 2027.
The directors state that they consider the result for the financial year and the financial year end position to be satisfactory.
The pre-tax losses of €15.27m is a 20% reduction on the losses of €18.95m in 2023.
The directors state that 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 eight fold 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 5th floor Block B in June 2024 and €325,000 from a litigation settlement in February 2024.
Paddy McKillen Jnr’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.
The parties 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.
Addressing the company’s going concern status, the directors state that the reduction in losses "is primarily attributable to the recognition of rental income, which provided a recurring revenue stream. Rental income is expected to increase further as the property continues to be leased".
The firm’s balance sheet was strengthened during the year with its share capital increased by €15m rising from €29.3m to €44.3m. The company’s shareholders’ deficit stood at €49.88m.
The firm’s rental income of €1.57m was offset by lease incentives of €124,181.
In a post balance sheet event, the directors state in August 2025 Bannon Commercial Property Consultants Limited was appointed as the company’s managing property agent, replacing Knight Frank.
Reporting by Gordon Deegan
