Homemakers sold for 15m

Paul Neilan

The Homemakers complex on the Dublin Road has been sold with only legal formalities remaining, The Anglo-Celt understands.
The landmark building on the Dublin Road is a “done deal” according to sources close to the transaction with a figure of around €1.5 million thought to be enough to seal the deal.
It is understood that Jackson’s Autoparc will move into the premises in the New Year, while retaining their Poles operation and moving their Cavan Town Ford dealership entirely into the 4.2-acre complex.
Managing Director at Jackson’s Cathal O’Reilly could not be contacted for comment yesterday and was understood to be at a funeral out of the county.
The property is the latest in a string of high-profile transactions that have taken place in advance of the January 1 deadline on the amnesty on Capital Gains Tax.
It is further understood that Jackson’s partnered with another local businessman to get the deal over the line.
Recent marquee sales include the apartment buildings Farnham Court, Clare’s Court, Hampton Court, the cinema, Cavan Crystal Hotel with only Loughtee Business Park the only multi-million deal in the commercial market still for sale.
Homemakers had been on the market with receivers KPMG until late last week when on Friday, December 19, handshakes finalised matters.
KPMG’s Peter Garrigan said the receivers could not comment on the matter. The amnesty on Capital Gains Tax will still apply should the finishing touches not be completed until the New Year as regulating bodies on commercial deals will accept proof of being in the legal stages of completion on the sale as enough to qualify for the exemption.
The property includes the Homemakers store, the adjacent five-storey offices, parking for 200, a builder’s centre, warehouse, service rooms and the property has a gross internal floor area of around 10,000 square metres.