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Firm behind tower's fall from grace; PROPERTY.

Byline: MIRROR REPORTER THE firms behind Ireland's

tallest building have gone into administration.

The Obel skyscraper in Belfast city centre cost PS71million when it was built during the property boom.

Administrators have now been appointed to Obel Ltd, Obel Offices Ltd and Donegall Quay Ltd, the three firms behind the 28-storey residential building and adjoining office complex.

The main firm, Donegall Quay, owes the former Bank of Scotland Ireland more than PS51million, its last set of accounts filed in 2011 reveal.

Obel was launched in 2005, but many apartments have remained empty.

The administration will have no effect on any tenants or apartment owners in the development.

The Blackbourne family took control of the building in 2008, buying out their partners with the backing of BoSI.

Their other business interests will not be affected by the administration of the Obel firms.

Meanwhile, earlier this month Lloyds sold PS1.47billion of BoSI loans to an investment company for just PS149million.

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Publication:The Mirror (London, England)
Date:Dec 1, 2012
Words:164
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