The property assets of companies owned by the infamous landlord, Marc Godart, were recently expanded with a cottage in Leitrim, a site in Wexford and a house in Kilmainham, Dublin. Within the crowd of property-associated corporations, the key group run by the notorious property magnate Marc Godart was able to decrease its financial obligations by over €1.8 million in 2022, as shown by recent official documents.
A Luxembourg native, Mr Godart, is the owner of several Irish firms, including Green Label Property Investments Ltd, which was established in 2014 through Luxembourg’s Hester SA. In the annual accounts of 2022, Green Label’s real estate assets were valued at €2.7 million at the close of the year, mirroring the preceding year’s accounts. The corporation didn’t have an employee roster in 2022 and documented a negative income of €346,846, an improvement from a deficit of €433,030 a year before.
Marc Godart has been in the spotlight for hiring top lawyers to contest a former tenant’s €15,000 debt in the High Court. All revenue from Irish sources, according to Godart, is required to be transferred to Luxembourg as part of their family-owned enterprise configuration.
Despite this, yearly records indicate that debts owed to group enterprises fell from €2 million to €1.5 million during the year, while “other creditors” saw their accounts fall to zero from €1.3 million at the end of the previous year. Neither Green Label Property Investments nor any of the other companies managed by Godart have registered mortgages since their inception.
Mr. Godart ventured into the Irish property market around 2014, taking advantage of the lower property prices to acquire both residential and commercial property. He is known for offering short-term rentals of his and other properties, but his practices have been met with criticism. The Residential Tenancies Board (RTB) has made several determinations against him concerning tenant treatment, with some tenants legally challenging his companies for failing to pay their RTB awards.
In June, the District Court extended the deadline for the submission of annual returns for 2021 and 2022, until July 16th, for four firms owned by Mr Godart. These firms include Green Label Property Investments, Merrion Road Real Estate Holdings, Inchicore Parkview Residences, and Cashel Letting. Subsequent to this, all businesses have filed their returns, with the exception of Merrion Road Real Estate.
Recent filings reveal that Inchicore Parkview’s year-end assets for 2022 were €235,957, a dramatic increase from only €283 at the close of the preceding year. The company had no staff and its registration as the owner of a Halls, Gorvagh, Co Leitrim property from February of this year is documented by Tailte Éireann. Incidentally, this three-bedroom house was sold via an internet auction for €67,000 in 2022 as evidenced by the BidX1.com site. The same records from Tailte Éireann display the company’s ownership over a Mangan, Hollyfort, Gorey, Co Wexford location.
The 2022 financials for Cashel Letting indicate a year-end investment property worth consistent with the prior year at €267,552. The firm, which had no staff, had outstanding debts in excess of €300,000 owed to unnamed corporate entities and related parties as the records detail. Tailte Éireann archives confirm that the business had taken possession of 22 Woodfield Avenue, Kilmainham, Dublin 10, back in November.
Earlier this year, Mr Godart stated in court documents submitted to the High Court that his enterprise followed a corporate structure in compliance with Luxembourg legislation which required revenue generated in Ireland to be sent back to Luxembourg.
One of the cases focused on a firm belonging to Mr Godart, Green Label Short Lets, which, according to him, lacked the necessary finances to remit an RTB award to a formerly improperly evicted tenant.
The legal dispute was resolved with a disbursement to this previous tenant and the burden of 80 per cent of the legal costs being placed on Mr Godart himself. Mr Justice Brian Cregan delivered a scathing verdict on Mr Godart, accusing him of grave misconduct and unfairness throughout these legal proceedings. Attempts to obtain a statement from Mr Godart have so far been unsuccessful.