The developer behind the embattled Tyrrelstown estate, Rick Larkin, has today said that while he ‘sympathises’ with the residents, he is not a charity, rather a business to make money.
He said “at the end of the day, that property belongs to us and we can’t be in a position that we’re being told we have to hang on to it indefinitely just because it suits someone else.
“We’re a business, not a charity.”
A number of families in the Cruise Park estate in Tyrrelstown face homelessness in the coming weeks and months, as a vulture fund has pounced at the opportunity to cash in on the indebted developer’s property portfolio.
The situation arose when Beltany Property Finance, a fund company subsidiary to Goldman Sachs, bought an outstanding 89m euro loan tied to the properties.
It is understood that the cash windfall generated by the sale of the properties once the tenants have been evicted will be split between the Goldman Sach fund and a company linked to the estate’s developer, Twinlite.