Ballymore, the property development company own­ed by Sean Mulryan, has been approached by troubled landowners and the banks asking for help to develop their assets.

"We have had many enquiries from land owners, financial institutions etc asking Ballymore to develop out their assets. This is different to going to a building contractor," said group director Paul Keogh.

He said it was a "new phenomenon in the current economic climate where people realise that successful property development is a complicated process and not one that should be ventured into if your background and skill base is not in that industry".

"We would, in essence, be using our skill base and experience (either in a joint venture or fee basis) as a property developer to develop out these assets," he said.

"Ballymore is rather unique in that it has the all the skills in-house rather than having to use consultants for each stage -land acquisition, design and master planning, planning applications, construction, sales & marketing and finally asset management."

He said that Ballymore was considering the option as a "natural progression" of its business.

Historically Ballymore has bought land and developed it itself although it is working on a joint venture with listed British developer Hammerson in relation to the regeneration of Bishopsgate Goods Yard in London. It is also a stakeholder in Wood Whard, a major redevelopment project planned with British Waterways and Canary Wharf, and jointly owns another site close to London City Airport with Irish private equity vehicle RQB.

Meanwhile, Ballymore's Sherman Oaks joint venture with Seamus Ross's Menolly Properties has had an emphasis of matter inserted in its new accounts by auditors KPMG. The company lost more than €3.6m for the year ended 31 March 2008 and the directors said there was a credit risk because it has receivables from related parties of €56.8m, which is "subject to uncertainty due to the property market conditions to while the related parties are exposed". However, the directors said that they believe the amounts will be recoverable "in the longer term when normal market conditions return".

"The directors expect the general level of activity to be significantly impacted by adverse conditions in the property market," their report states.

There was a shareholders' deficit of more than €5m at the end of the financial year and the company valued its assets at just under €88m, of which development properties were worth just under €31m.

The company has jointly guaranteed the repayment of a loan of €60m advanced by Menolly Properties to Ballymore Properties. Sherman Oaks owns more than 43 acres of land in Portmarnock in north Dublin.