#Property Development

[buzzblend]

Widow loses life savings after ‘firetrap’ developer fails to repay €150k loan

A controversial developer who asked to borrow the life savings of an 81-year-old widow has failed to repay the money after half a decade of broken promises.

In 2017, the widow gave €160,000 in cash to developer Paddy Byrne, who built the Millfield Manor estate in Co. Kildare where six houses burnt to the ground in under 30 minutes in 2015.

The cash was for a penthouse apartment in Dublin she planned to move into.

The development was built by Victoria Homes, a company that was established by Mr Byrne’s sister Joan just before Mr Byrne was precluded from acting as a company director in Ireland for five years.

After viewing plans for the €630,000 property, in a development called Greygates in Mount Merrion, the pensioner withdrew the cash from her bank and gave it to Mr Byrne.

Some €10,000 of this was a deposit, with the remaining €150,000 provided on the advice of a third party who was known to Mr Byrne and the widow, who said the cash would secure a good price.

According to a handwritten receipt, signed by Mr Byrne, the money was provided on May 29, 2017.

But in November 2017 the widow, a retired primary school teacher, found a more suitable home and asked for her money back.

Mr Byrne agreed to this, saying he would have no problem selling the penthouse and promptly refunded the €10,000 deposit.

However, he asked that the remaining €150,000 be treated as a 14-month loan and promised to pay a 10% annual interest rate.

This effectively turned the widow into an unwitting creditor of Victoria Homes.

According to a handwritten agreement, signed by Mr Byrne, the loan was to be ‘paid back from the sales proceeds’ of the penthouse at his Greygates development.

More than half a decade later, the loan remains unpaid – even after the widow made a criminal complaint to gardaí and took legal action to secure a judgement.

As it is a civil matter, the Garda investigation faltered. And because various other unpaid creditors had previously secured judgements against Victoria Homes, the widow is now unlikely to get her savings back. During the Celtic Tiger years, Paddy Byrne was renowned for his €2.4m Sikorsky helicopter and sponsorship of the Irish National Hunt festival.

But in 2011 his then-firm, Barrack Homes, went bust and Mr Byrne declared bankruptcy in Britain with debts of €100m.

He was banned from acting as a UK director for 10 years in 2012.

This ban was scheduled to end in 2022 – and ran the full course – but it only applied in the UK and Wales.

According to the UK insolvency register today, Mr Byrne’s discharge from UK bankruptcy is ‘suspended indefinitely’ until the fulfilment of conditions made in a 2012 court order.

Separately, in Ireland, he was also restricted from acting as a director for a period of five years – which ended in January 2018.

Mr Byrne is also known for building the Millfield Manor estate in Newbridge, Co. Kildare, where half a dozen houses were razed to the ground within 30 minutes in 2015.

A report into the blaze found ‘major and life-threatening serious shortfalls and discrepancies and deviations from the minimum requirements of the national mandatory building regulations’ at Mr Byrne’s development.

Today, having exited bankruptcy, Mr Byrne is best known as the figurehead behind Victoria Homes and associated businesses, which was set up by his sister and her husband in December 2012, while he was bankrupt.

Mr Byrne was not a director or owner of Victoria Homes during the period of his bankruptcy. But, in 2017, Mr Byrne’s sister and her husband stepped back from Victoria Homes, transferring their shares to an offshore entity in Belize city called Victoria Holdings.

In November 2022, the main lenders to Victoria Homes – the Lotus Development Group – forced the firm into receivership for the second time.

In 2020, Lotus had forced a previous short-lived receivership before agreeing a deal that saw Victoria Homes begin trading normally once more.

Today, Mr Byrne appears to have left Victoria Homes behind and seems to be focusing on a new firm instead.

Set up in the summer of 2020, Branach Developments is entirely owned by Mr Byrne and is not encumbered by any bank debt or mortgages as Victoria Homes was.

According to the latest filed accounts, for the year ended 2021, Branach Developments held ‘tangible assets’ of €210,000 and ‘stocks’ of €600,000.

The accounts also show that, in 2021, Mr Byrne provided the company with an interest-free loan of €1,024,438.

Just last week Mr Byrne’s new firm was one of the winners at the National Property Awards sponsored by the Business Post and Deloitte, among others.

At the award ceremony, Branach Developments took home the prize for best sustainability initiative of the year.

However, Mr Byrne, who shuns publicity and is rarely photographed, does not appear to have attended the ceremony and the award was accepted by a colleague.

This week the Irish Mail on Sunday sent queries to Mr Byrne via his mobile phone, his email at Victoria Homes and his email at Branach Developments, without response.

Queries to his solicitor and the separate accountancy firms representing Victoria Homes and Branach Developments also went unanswered as did calls to the numbers on the websites of these firms.

Mr Byrne also previously declined to respond to questions from the MoS relating to the establishment of Victoria Homes during the period of his bankruptcy.

At the time, Mr Byrne appeared to be living at Ballinrahin House, close to Rathangan on the border of Offaly and Kildare.

The home is a luxury build on 26 acres of stud-railed paddocks with six stables and a 1.3km tree-lined avenue behind electric gates.

The property was on sale for €2.8m in 2009, but land registry records confirm that, in November 2014, it was sold to Victoria Homes for a knockdown price of €484,000.

Ownership of Ballinrahin House was transferred offshore to Victoria Holdings in Belize on April 10, 2018, just weeks before Mr Byrne was due to repay the €150,000 back to the widow.

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By 1988 AGC was running advertisements proclaiming that 'AGC is now part-owner of a new private health scheme' with enthusiastic, even arrogant, text:

Way back in 1956, Doug Moran first came to us for property finance. He had plans for a modest nursing home. We liked it and financed it. Since then Doug Moran has been back to us more than 40 times, with bigger and better Health Care developments. We financed every one of those. And in doing so, the Moran Health Care Group and AGC Property Finance have now become Australia's foremost experts in what is a highly specialised field. So naturally when Doug planned his dream hospital, the Moran Clinic-Hospital of Excellence, he came to us. Because we were his first choice for finance. Situated on a prime peace of real estate on the Gold Coast, it was a development opportunity we weren't going to pass up. In fact we were so impressed with the plans we not only financed it, we bought 40% of it ourselves. Cementing our working relationship that spans more than 20 years. And even more recently we assisted the Moran Health Care Group in the purchase of yet another 13 private hospitals. Making them the largest private hospital operators in Australia. If you've got a property development, no matter the size, give us a call. You'll find us in every state.

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"Zunikh is open-minded, with an appetite for exploring all investment opportunities that exist for land development throughout the UK. This includes commercial land that is – or could be – up for sale, irrespective of the size of the land or whether planning permission is presently granted.

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Maximise Your Investment with ALAND Realty’s Property Management

Investing in real estate is a major financial milestone but it’s only half the journey. The other half? Ensuring your property performs at its best. That’s where ALAND Realty’s expert Property Management Services come in, delivering peace of mind and long-term value to investors across Sydney and beyond.

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Here’s How to Turn Untouched Acreage into Your Dream Property

Thinking About Some Undeveloped Land? Here’s How to Turn Untouched Acreage into Your Dream Property It’s exciting to imagine the possibilities that come with owning a piece of raw, undeveloped land. Whether you’re envisioning a peaceful retreat, a sustainable farm, or a long-term investment, the potential is vast. This guide will help you assess your land’s potential, prepare it for development,…

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Residential Asset Services Coordinator

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What is a Property Feasibility Study?

In the cut-throat competitive world of today, making an informed decision is the key to success and a protection against failure. This is even more so about property development.

Property is an expensive commodity. It is a lifetime investment. Slightest of errors can lead to big and debilitating losses.

Hence it is critical to do a complete and exhaustive groundwork and collect all relevant information and data from reliable and credible sources, on a property, before investing into it.

A Property Feasibility Study is the very foundation on which a stable project plan for property development can be built.

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Redevelopment of two buildings on Warren Street and Euston Road planned

69-70 and 71 Warren Street. Photo: The Fitzrovia News. More misery from demolition and construction work beckons for residents in Fitzrovia with new plans announced for the redevelopment of two buildings in Warren Street and Euston Road. Property consultants Iceni Projects have been pushing leaflets through doors nearby inviting residents to a drop-in event where the proposals can be…

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Ready to explore the best Property Development in Christchurch? Get in touch with PRA Developments today to discuss your real estate needs.

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What is the meaning of new construction?

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The Mindset of Successful Entrepreneurs: Key Habits to Develop 

Success in entrepreneurship isn’t about luck—it’s about mindset. The most successful entrepreneurs share common habits that drive them toward success. Whether it’s persistence, adaptability, or a willingness to take calculated risks, developing the right habits can set you on the path to achieving your business goals. 

Essential Entrepreneurial Habits 

Growth Mindset: Successful entrepreneurs view failures as learning opportunities rather than setbacks. 

Consistency & Discipline: Success is built through daily effort, structured routines, and staying committed to long-term goals. 

Resilience & Risk-Taking: The ability to navigate setbacks and take calculated risks is crucial for sustained growth. 

Networking & Mentorship: Surround yourself with like-minded professionals, learn from industry experts, and seek guidance from mentors. 

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Set SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals. 

Develop a morning routine that boosts productivity. 

Stay informed about industry trends through podcasts, books, and online courses. 

Cultivate a strong work ethic while maintaining work-life balance. 

Conclusion 

A winning mindset is the foundation of entrepreneurial success. Cultivate habits that push you toward continuous growth and resilience in the face of challenges.