Dublin developers book €5.5m gain as 55 Lad Lane project winds down

Broadfield Development Limited, the firm controlled by Paddy McKillen and Padraig Drayne, recorded a gain of almost €5.5 million from loan forgiveness in its most recent accounts. This single entry drove the company to a profit after tax of close to €3.9 million for the year ended 2025.

The company developed 55 Lad Lane, a six-storey mixed-use building in Dublin city centre that contains 25 residential units. Construction began in 2019 after planning permission was secured in 2017. The final apartment in the block was sold in October 2026. One, two, and three-bedroom homes in the development sold for prices ranging from €550,000 to €1.8 million.

Broadfield generated €12.9 million in turnover from apartment sales last year, up from €9.2 million in 2024. However, the firm reported a cost of sales of €16.9 million for 2025. After deducting €504,000 in interest charges, the business posted an operating loss of approximately €4.6 million. The loan forgiveness provision, along with €310,000 in dividends and a €1 million item described as an impact of wind-up cost, turned that operating loss into a net profit.

The company’s balance sheet still reflects accumulated losses of €9 million as of year-end. Directors disclosed several outstanding debts, including an intercompany loan of €8.4 million due from JSC Properties (Holdings) Limited. Broadfield also owed €4.2 million to McKillen, €2.25 million to Garvagh Finance, and €1.9 million to Deanscastle Developments, Drayne’s firm. Additional liabilities included €659,000 in VAT and other creditor amounts.

Sales materials for the project stated that the development was financed by AIB. Financial statements indicated that McKillen and a firm linked to Drayne also provided personal finance. The accounts did not specify whether the loan forgiveness related to debts with AIB or other financiers. A spokesman for AIB said the bank does not comment on individual customers, while a spokeswoman for McKillen did not respond to a request for comment.

Filings from August 2026 confirmed that five charges held by AIB over the company had been fully satisfied. The firm previously reported that its outstanding debt to AIB fell to €8.5 million by the end of 2024, with a further €4.2 million repaid from apartment sale proceeds in 2025. A note in the latest accounts stated that the company has no plans for further development and that directors are planning to wind up the firm.