LimerickÂ’s Stalled Projects ~ NAMA

Limerick’s Stalled Projects ~ NAMA

Postby CologneMike » Mon Dec 21, 2009 7:08 pm

The banking crisis, the resulting global recession has hit Limerick pretty hard. There are now a number of planned building projects quasi in a state of “Limbo”, which are needed to continue the regeneration of the city.
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Re: Limerick’s Stalled Projects ~ NAMA

Postby CologneMike » Mon Dec 21, 2009 7:22 pm

€200m liabilities for Limerick property firm (Limerick Leader)

By Anne Sheridan & Alan Owens

A RECEIVER has been appointed to one of Limerick's largest property companies, the Fordmount Property Group, and its two subsidiaries, which cumulatively has net liabilities in excess of €200million.

Billy O'Riordan, partner with Price Waterhouse Coopers in Dublin, was appointed receiver for the company on Monday last by the lender, Anglo Irish Bank.

Dozens of creditors to the Fordmount Property Group and two of its subsidiaries - Fordmount Developments Ltd and Fordmount Developments (Savoy) Ltd - have received letters informing them of the move.

It is understood Mr O'Riordan is currently examining the situation and is consulting with the companies various stakeholders.

The directors of each of the companies are due to present the statement of affairs for all companies in January, but an extension may be granted to allow them get their affairs in order, before the accounts are submitted to the Companies Registration Office.

However, a source close to the company said "it is far too early to say what the prospects for unsecure creditors are".

The receiver will also be attempting to source tenants for some of Fordmount's vacant premises, including some on Bedford Row, to offset some of the companies liabilities.

"In many cases, premises were built by Fordmount, but are owned by the people who occupy them, or lease them, so there is no threat there."

Revelations that the companies, which has laid claim to building the city's tallest building, were suffering severe financial difficulties emerged this June, when Michael Daly stepped down from the companies he created five years ago.

He resigned from Fordmount Property Group Ltd, and its four subsidiary companies, which have pioneered a series of notable developments within the city, including Riverpoint, the Savoy Hotel (formerly the Marriott) and the redevelopment of Bedford Row. However, Mr Daly still remains a majority shareholder.

The two other companies are Fordmount Investments Ltd and Fordmount Retirement Villages Ltd.

The company once had a net worth in excess of €100million, and has delivered at least €300 million worth of landmark commercial developments in Limerick.

Local solicitor Adrian Frawley, a managing partner with Dermot G. O'Donovan & Partners solicitors, took up position of director of the Fordmount Property Group Ltd this summer, according to documents lodged with the CRO.

Other shareholders in the Fordmount Property Group, as of this March, include solicitors, Tommy Dalton, Dermot O'Donovan, and Michael Sherry


I suppose this is only fitting to end one horrible year of bad news for the city! Fordmount delivered very good quality projects around the city and their going into receivership will be a setback for the city centre.

Completed Projects

Riverpoint
City Central - Phase One
Castletroy Park Commercial
The Park Village
Lansdowne Hall
Mill House

Planned / Proposed Projects

Plan to create 3,000 new jobs
Bedford Row Cinema Complex ~ Burke Kennedy Doyle Architects
Limerick Boat Club
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Re: Limerick’s Stalled Projects ~ NAMA

Postby CologneMike » Tue Dec 22, 2009 10:04 am

Estuary Quarters ~ Howard Holdings

Howard Holdings received planning in April for their Estuary Quarter on the Dock Road. Completion date is for spring 2010 but with no work started yet and with its present financial difficulties, its prospect is not looking good.

Image

Howard Holdings to defend winding-up petition in England (Irish Independent)

May 2009



Anglo restructures securities on assets of Howard Holdings (Irish Times)

November 2009

STATE-OWNED ANGLO Irish Bank has restructured securities it holds over the assets of developer Howard Holdings assets in a move understood to be in preparation for moving its loans to Nama.
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Re: Limerick’s Stalled Projects ~ NAMA

Postby CologneMike » Wed Dec 23, 2009 7:37 pm

Opera Shopping Centre

Again another big involvement by Anglo Irish Bank, a crucial development project for the city centre to win back its retail trade from the out of town shopping centres. Certainly the priority from all of the city’s stalled schemes.

The image below was rejected by An Bord Pleanála, as the buildings on Ellen Street are to be conserved. See more on Opera Shopping Centre thread.

Image

How the State became de facto shopping centre owners (Irish Times)

December 2009

ANGLO IRISH BANK’S stake in the Opera Centre means that its future is now entwined with that of the National Asset Management Agency (Nama).

Interests held by the nationalised bank in completed, half-finished and mooted retail projects will be part of the €77 billion in property, land and development loans being transferred to Nama.

Any retail schemes that were financed by AIB and Bank of Ireland in recent years could also end up in the Nama pot – but there are no official statistics on the value of retail-related debt that will now be dealing with a State agency as its lender.

Uncompleted schemes such as the €350 million Opera Centre – the other 50 per cent of which is owned by developers Jerry O’Reilly, Terry Sweeney and David Courtney – are part of the €46 billion of Nama loans that don’t currently produce any income from tenants.

Some of these projects will not proceed as they no longer make commercial sense.

Some “may be viable of alternative uses or alternative project timescales are considered”, the Nama business plan states. But it is likely that Nama will try to maximise its regular cash income, which could mean borrowing more to complete unfinished shopping malls.

Any decision on schemes such as the Opera Centre will have to be taken in the context of a more downcast consumer economy.

Tom Mackey, Limerick’s city manager, is adamant that the Opera Centre will eventually “bring significant retail-led regeneration to Limerick’s city centre”, as the original brochure claimed, and that it won’t be one of those “sounded like a good idea at the time” schemes that never happens.

“That will happen in smaller commuter towns, but Limerick is the third city in the country. It is inevitable that if you have a major retail space, it will be developed,” says Mackey.
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Re: Limerick’s Stalled Projects ~ NAMA

Postby CologneMike » Thu Dec 24, 2009 4:21 pm

Parkway Valley Shopping Centre

Image

Liam Carroll’s development is mothballed and is a classical scenario of “damned if you do, damned if you don’t” in so far as this shopping centre will hurt the city as it is no more than 2km away. On the other hand leaving a huge unfinished building site on one of the main routes into the city is totally unacceptable! The ball is in Nama’s court.

See PDF brochure

Image

Monuments to the madness (Irish Independent)

November 2009

Construction on Liam Carroll's ambitious €150m Parkway Valley Shopping Centre in Limerick has been on hold for about a year now.

Parkway Valley was to be developed by Carroll's Dunloe Ewart and originally promised to open next year with Tesco and Penneys as the key anchors. In an early property brochure, it is described as "the largest shopping scheme in Limerick" and holding the "largest Tesco in Ireland".

About 78 shops and restaurants were planned for the centre, along with over 2,000 car park spaces. However, as it is not yet built, no shops have been able to open there.

The wisdom of the plan was questioned by one local developer who described Limerick as "overshopped".
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Re: Limerick’s Stalled Projects ~ NAMA

Postby CologneMike » Sun Dec 27, 2009 11:39 pm

Former An Post (GPO) Complex ~ Roche's Hanging Gardens Building

Work on this development has stopped some 12 months ago. Looks like as if a client will have to be found first before work will recommence. Although there are no press reports of any financial problems, it looks like as if the state could be a welcome “get out of jail free card” ;) for this development yet.

Previous posts 1956 1372

Any up to date news here?

06330 Sloeberry Developments (Robert Butler Group)

Permission granted 3rd October 2007

Permission is being sought for the following items: (1) The change of use of the former office accommodation in the Roche’s Hanging garden building to bar and restaurant use. (2) The change of use of the Mercantile building, fronting onto Henry Street from offices to retail/commercial use. (3) The insertion of a bar, restaurant and night-club at ground floor and mezzanine level. (4) The provision of new build office accommodation at 1st, 2nd, 3rd, and 4th floor levels. (5) Reinstatement of the arched façade of the former Roche’s hanging gardens building. (6) The provision of basement parking, with access from Post Office Lane. (7) The provision of a new pedestrian link from Post Office Lane. (8) The demolition to three no. existing buildings on the site. (9) The provision of a sub-station and all associated site services on and under land. The proposed site lies within the curtillage of protected structures: (R.P.S. 306, GPO).
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Re: Limerick’s Stalled Projects ~ NAMA

Postby Tuborg » Mon Dec 28, 2009 9:02 pm

CologneMike wrote:
Parkway Valley Shopping Centre

Image


The Parkway Valley skeleton is a reminder of just how much the country lost the run of itself during the "boom year's". It's also one of the best illustration's of the ludicrous situation that still exists regarding the governance of Limerick City!

A project of this scale was never, ever viable, yet the lure of lucrative development levies and commercial rates was simply too great for Limerick County Council to refuse!

So what will become of this massive eyesore now? It's clearly not viable as a shopping complex, Is there any chance it could be modified for residential use? If I remember correctly, a number of ancillary facilities including an olympic sized ice rink :eek:, leisure centre, public park etc were also included in the overall site plan.

It'll be really interesting to see how NAMA goes about tackling this incredible mess!!
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Re: Limerick’s Stalled Projects ~ NAMA

Postby foremanjoe » Mon Dec 28, 2009 9:24 pm

Tuborg wrote:The Parkway Valley skeleton is a reminder of just how much the country lost the run of itself during the "boom year's". It's also one of the best illustration's of the ludicrous situation that still exists regarding the governance of Limerick City!

A project of this scale was never, ever viable, yet the lure of lucrative development levies and commercial rates was simply too great for Limerick County Council to refuse!

So what will become of this massive eyesore now? It's clearly not viable as a shopping complex, Is there any chance it could be modified for residential use? If I remember correctly, a number of ancillary facilities including an olympic sized ice rink :eek:, leisure centre, public park etc were also included in the overall site plan.

It'll be really interesting to see how NAMA goes about tackling this incredible mess!!


This site would make an absolutely kick-ass paintball course!
Hopefully you can get insurance to cover people falling off the upper storeys during some adrenaline-fuelled kamikaze mission.
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Re: Limerick’s Stalled Projects ~ NAMA

Postby CologneMike » Tue Dec 29, 2009 4:07 pm

Griff wrote: 25th May 2009 . . . . . The private hospital on the Dock rd has been stuck at foundation level for over a year now - although I heard that they are close to agreeing finance and will be back onsite soon.


So what is the status now behind “The Limerick Private Hospital” which is to be completed this December 2009?

Image

  • 92 Acute Care beds
  • 14 Day Surgery beds
  • 4 full specification operating theatres
  • 2 Endoscopic Rooms
  • 1 Procedure Room
  • Urgent Care Services
  • Hospital wide Telemetry Monitoring
  • Four dedicated sub acute units
  • Full diagnostic services including MRI, CT, Mammography and Fluoroscopy
  • Physiotherapy, laboratory and pharmacy facilities
  • Full cardiac diagnostic capabilities
  • Cardiac cath lab for diagnostic and interventional procedures
  • Chemotherapy infusion services
  • Chapel
  • Café, gift shop and family lounge
  • Twenty onsite Consultants Suites


It was originally named as the Blackberry Medical Facility. Previous posts 1068 1048
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Re: Limerick’s Stalled Projects ~ NAMA

Postby Goofy » Tue Dec 29, 2009 9:22 pm

It is still a big hole in the ground at the moment. I haven't seen any activity on site for well over a year now.
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Re: Limerick’s Stalled Projects ~ NAMA

Postby Tuborg » Tue Dec 29, 2009 10:01 pm

CologneMike wrote:Former An Post (GPO) Complex ~ Roche's Hanging Gardens Building

Work on this development has stopped some 12 months ago. Looks like as if a client will have to be found first before work will recommence. Although there are no press reports of any financial problems, it looks like as if the state could be a welcome “get out of jail free card” ;) for this development yet.

Any up to date news here?


It would be an incredibly poxy stroke of good fortune for the developer if the Court's Service decided on an interim move to the old GPO! Apparently though, the cost of moving there is said to be prohibitive and it's unlikely to go ahead!

This would certainly be good news because in my opinion anyway, re-locating the freak show that accompanies these court sittings to a very open location in the heart of the city would be a disaster!

I was looking forward to seeing the old GPO and hanging gardens being properly opened up to the public. Hopefully work will get back underway within a reasonable enough time frame! Ultimately of course NAMA will be the judge of that!
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Re: Limerick’s Stalled Projects ~ NAMA

Postby Tuborg » Tue Dec 29, 2009 10:24 pm

The Robert Butler Group are also behind the proposed re-development of the service station, commercial premises at Punches Cross which has become another casualty of the downturn.

The site is developing into quite an eyesore at this stage! :(


06203

Redevelopment of the site will include the demolition of existing buildings and the provision of a mixed use retail/office development comprising (i) an anchor retail store of 4,010 sq.m gross floor space; (ii) 5 No. retail units; (iii) a licensed betting office; (iv) restaurant with ancillary take-away facilities; (v) independent upper floor offices of 4,721 sq.m net floor space; (vi) basement car parking with provision for 460 car parking spaces and (vii) all ancillary infrastructure and site development works including (a) realignment of the existing road network; (b) ESB substation (c) associated signage and (d) land-scaping works.

Corner of Rosbrien Road and Ballinacurra Road, Limerick



Image

Image
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Re: Limerick’s Stalled Projects ~ NAMA

Postby Junior » Wed Dec 30, 2009 4:53 am

Apparently the Punches Cross development was earmarked as a mini satelite Dunnes Stores franchise for a good while, not withstanding the traffic problems at the location, considering there are several primary and secondary schools in the locality, any development in the Ballinacurra Rd./ O'Connell Avenue cannot be of the high density retail-domestic variety that has plauged Limerick in the last decade.
It's a lovely leafy neighbourhood with convents,schools and Mary I, It cannot take more vehicular traffic,it should be put to good use and made into housing appropriate to its edwardian suburban surroundings.
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Re: Limerick’s Stalled Projects ~ NAMA

Postby Tuborg » Wed Dec 30, 2009 11:13 pm

Junior wrote:Apparently the Punches Cross development was earmarked as a mini satelite Dunnes Stores franchise for a good while, not withstanding the traffic problems at the location, considering there are several primary and secondary schools in the locality, any development in the Ballinacurra Rd./ O'Connell Avenue cannot be of the high density retail-domestic variety that has plauged Limerick in the last decade.

It's a lovely leafy neighbourhood with convents,schools and Mary I, It cannot take more vehicular traffic,it should be put to good use and made into housing appropriate to its edwardian suburban surroundings.


Yeah it certainly looks like that development was geared towards attracting a large anchor store. The other units also seemed to be of decent size, it's basically a neighbourhood centre on steroids!

For that very reason, one would have to question it's suitability and indeed viability. Where are the tenants and customers to service such a large development going to come from? There are a number of smaller units in the greenpark centre next door, not to mention a plethora of similar complexes in the general locality!

Ideally I would have prefered a residential development of decent density here with maybe a (very) limited amount of retail space. However the applicants might have been put off by the refusal of a couple of admittedly overscaled apartment complexes on the site behind Punches pub.

The congestion problems at Punches Cross are well documented with the number of left and right turning movements resulting in what is now a traffic nightmare during peak times. Sadly, the completion of the southern ring road will not have as great an effect on traffic volumes as would've been hoped. The loss of inbound access at Rosbrien means many people will use M20 J2 at Dooradoyle to access the city centre via Ballinacurra Road and O'Connell Avenue!
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Re: Limerick’s Stalled Projects ~ NAMA

Postby CologneMike » Thu Apr 15, 2010 12:14 pm

tradcentric wrote:I read this today over at ‘An Irish Town Planner's Blog’:

“…it emerged in recent days that the toxic loans agency Nama is prepared to demolish half-completed buildings which it believes have no value as commercial or residential developments.

Nama faces the tough task of dealing with €21bn of work-in-progress assets and deciding what the long-term future of each asset is. Demolition of some sites and returning them to agricultural use is already being actively considered by Nama.”


I wonder will someone at NAMA have some sense and knock the half-built Parkway Valley shopping centre and return the site to green fields?. It was as bad idea in the first place and if it was ever completed would completely suck the life out of the already struggling city centre. A friend recently described it as ‘Limerick’s weathervane’ as the only thing the cranes are useful for is telling you which direction the wind it blowing. Surely the wind is blowing it towards demolition? It might be nice to keep one of the cranes though – it can act as a post-boom-bust reminder of developers’ folly.


Image

I wonder will someone at NAMA have some sense and knock the half-built Parkway Valley shopping centre and return the site to green fields?


Who Knows?????

NAMA may demolish in 'extreme cases' (RTE)

Minister of State for Planning Ciarán Cuffe has confirmed developers and landowners may be compelled to demolish partly-completed developments.

His comments follow this week's statement by the National Asset Management Agency's Chief Executive Brendan McDonagh that sending in bulldozers could be unavoidable.
Later today, Mr Cuffe, a professional planner, will address the Irish Planning Institute's conference in Tullamore and speak in detail about what to do with the spectre of ghost estates.

However, he has made clear that in what he terms 'extreme cases' landowners and developers may be compelled to demolish partly completed, but unstable or deteriorating developments, for safety and other reasons.

Mr McDonagh told an Oireachtas Joint Committee earlier this week that while this could be a difficult decision, knocking down certain developments may be unavoidable - despite the move incurring costs.

Minister Cuffe has supported this statement but said that bulldozers are not the only solution. He said planners and architects will also be required to transform estates into sustainable communities where possible.
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Re: Limerick’s Stalled Projects ~ NAMA

Postby CologneMike » Thu Apr 15, 2010 1:07 pm

Limerick developer: people are losing empires 'through no fault of their own' (Limerick Leader)

By Anne Sheridan

ADARE-based developer Robert Butler has described as "horrific" the effect the recession has had on his fellow developers in Limerick, who have watched their property empires collapse "through no fault of their own". :confused:

[. . . . . . .]

However, with the house of cards tumbling down around him, Mr Butler appears to be the only local property developer standing tall - for now, at least.

"It (the recession] is affecting us, but we are weathering the storm well because we have a lot of investment properties and we've built up a good reputation over the last 20 to 30 years," he said.


[INDENT]He confirmed that work has ceased on the GPO site on Henry Street as demand for retail and office space has dried up. Some €15m has already been invested in the site, but another €12m would be required to complete the development[/INDENT]

Image

.
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Re: Limerick’s Stalled Projects ~ NAMA

Postby PVC King » Thu Apr 15, 2010 1:25 pm

CologneMike wrote:Image



Who Knows?????


I would be very surprised if this were to be knocked; hardly an architectural gem but no doubt a suitable secondary shopping centre to be sold to one of the many european retail property funds when fully or close to fully let; no doubt the retail catchment data highlighting the level of retail saturation and number of pre-lettings already signed will have a massive bearing; more likely that in the absence of a pre-let on the anchor store that a soft deal would be done with Dunnes or Tesco and that they would dictate the completion date. The environmental consequences of knocking that amount of concrete would be truely horrendous.
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Re: Limerick’s Stalled Projects ~ NAMA

Postby CologneMike » Fri Apr 16, 2010 10:09 pm

PVC King wrote: . . . . . . but no doubt a suitable secondary shopping centre to be sold to one of the many european retail property funds when fully or close to fully let; no doubt the retail catchment data highlighting the level of retail saturation and number of pre-lettings already signed will have a massive bearing; more likely that in the absence of a pre-let on the anchor store that a soft deal would be done with Dunnes or Tesco and that they would dictate the completion date.


Tesco and Penneys are the key anchors. In an early property brochure, it is described as "the largest shopping scheme in Limerick" :( and holding the "largest Tesco in Ireland".

About 78 shops and restaurants were planned for the centre, along with over 2,000 car park spaces

The environmental consequences of knocking that amount of concrete would be truely horrendous.


Agreed, but the dilemma remains as outlined above in the posts numbered 5 and 7 for the city centre.

Limerick County Council granted permission for this retail monster (Dublin direction) just two kilometres from the city centre, they also granted an extension for a large M&S outlet at the Crescent S.C. (Cork direction) and they gave the initial go ahead for the Coonagh S.C. (Galway direction).

In the meantime the Limerick City Council is now the local authority for the Coonagh S.C. and has refused planning for its next phase. They have also successfully objected to the Crescent S.C. plans in the interest of the city centre.

That Dunnes Stores have opened a large store on the Childers Road (Waterford direction) thus making their outlet at the old Parkway S.C. a duplicated surplus. Therefore maybe Dan Sullivan’s suggestion that they should transfer the old Parkway S.C. to the Parkway Valley S.C. could be a useful solution here. However in my opinion the 78 retail shops planned with the Tesco / Penney anchor tenants should be radically reduced to around 10 (i.e. Chemist, Bank etc). In other words it would just cater for the classical weekly needs like groceries.

This would have a less negative impact on the city centre which is battling for survival against the glut of out of town shopping facilities. In fact the stalled Opera S.C. planned for the city centre must have priority from all of the Nama’s Limerick property portfolios.
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Re: Limerick’s Stalled Projects ~ NAMA

Postby CologneMike » Mon Jun 14, 2010 3:57 pm

Limerick developer Ger Clohessy ordered to repay €34.9m in loans (Limerick Leader)

By Anne Sheridan, at the Commercial Court, Dublin

LIMERICK property developer Ger Clohessy was this Monday afternoon ordered to repay €34.9m in loans to Irish Nationwide, which were taken out in six accounts for development lands.

Mr Clohessy, brother of Ireland rugby international Peter and a former Young Munster captain, was not present in the Commercial Court, Dublin, when the order was made by Mr Justice Peter Kelly.

In early April, Mr Clohessy had strongly criticised Irish Nationwide's decision to appoint a receiver to the Evanwood estate he was building in Castletroy, saying it "flies in the face of commercial logic".

Irish Nationwide's move followed lengthy negotiations on Mr Clohessy's multi-million euro borrowings.


Was Ger Clohessy also involved in the Windmill House (Retail, Apartment, Office Development) on the Dock Road? There won’t be many city based developers left in business. :(

Another “Rugby Folk Building Developer” Pat Whelan who has just been given the go ahead from An Bord Pleanála for his Ardhu House site development, only will find himself in the high court after been sued by Paul O’Connell and others relating to a London investment.
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Re: Limerick’s Stalled Projects ~ NAMA

Postby CologneMike » Sat Jul 03, 2010 2:37 pm

High Court Drama ~ Fordmount Property Group (Limerick Leader)

An intriguing article on the front page of the Leader this week (see full version on e paper).

Limerick developer Michael Daly 'wanted another €650m in loans from Anglo Irish' (LL)

Limerick solicitors plead ignorance in face of €84m bill over property loans (LL)


It seems all basic rational behaviour goes out the window once mega sums are involved!

These four hapless solicitors must look like the clowns of the country at the moment in attempting to build their case on the premise that their personal guarantees were only a formality.

“Ignorance of the law is no defence” would be first thing one learns in any elementary law subject course and every Tom, Dick or Harry on the street knows the consequences of signing a contract.

I mean, what is the point of setting up a limited company only to be undone by giving personal guarantees? :confused:

There is a smack of reckless over ambitious dealings in the Fordmount Property Group.

Still the city centre has the gained by the Riverpoint, Savoy complexes. Pity the €150m deal to redevelop Brown Thomas site fell through before the property bubble burst. :(
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Re: Limerick’s Stalled Projects ~ NAMA

Postby CologneMike » Wed Sep 22, 2010 3:43 pm

CologneMike wrote:Estuary Quarters ~ Howard Holdings

Howard Holdings received planning in April for their Estuary Quarter on the Dock Road. Completion date is for spring 2010 but with no work started yet and with its present financial difficulties, its prospect is not looking good.

Image


€800k Filling Station (Irish Independent)

Meanwhile a Limerick city centre former petrol filling station and retail premises is also being offered for sale with an €800,000 asking price.

Located at the city end of Dock Road, the property is 150m from the Shannon Bridge Roundabout, adjacent to Mount Kenneth Place.

The high-profile site extends to 0.37 acres and enjoys road frontage of 48m to Dock Road. As well as a 198sqm retail unit, it has a paved forecourt area and six underground fuel-storage tanks.

Full planning permission for a multi-storey mixed retail/office development extending to 6,087sqm enhances its potential.

Agents Lisney Cork say that possible uses include petrol filling station, retail, car related uses including sales, valeting and services.


Agents Lisney must like this site as they were also agents for selling it to Howard Holdings.
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Re: Limerick’s Stalled Projects ~ NAMA

Postby CologneMike » Wed Sep 29, 2010 10:46 am

'Too early' to estimate NAMA's impact on hotels in Limerick (Limerick Leader)

By Anne Sheridan

THE CHAIRMAN of the National Assets Management Agency, Frank Daly, said that developments in Limerick don't "feature more or any less" under the bad loans agency.

Speaking at the University of Limerick, where he received an honorary doctorate yesterday, Mr Daly said it is too early to tell what hotels in the region are likely to come under NAMA.

The chairman said it is also too premature to identify the geographical or sectoral breakdown of bad loans across the country.

In total, 35 hotels nationwide have been identified, and a further 13 or 14 hotels outside Ireland that will come under the NAMA umbrella.

"In respect of each of them we'll be just assessing what the business is like, whether they have a reasonable chance of survival and if so, what we can do to help that.

"But there may be a reality check afterwards, if some of them can't survive, I'm afraid that's the way it will go. But we won't make any decision like that until we've had a very, very thorough, and very objective examination of the business plans of the people who own them," he said.

In the region of €80 billion worth of loans are due to come under NAMA, but he reiterated that the "absolute final figure" should be known by the end of February next year - the deadline set by the European Commission.


With the massive drop of passenger numbers at Shannon Airport, one can only fear the worst for the hotel sector in the Mid-West.
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Re: Limerick’s Stalled Projects ~ NAMA

Postby lukejr » Wed Oct 06, 2010 12:49 pm

PVC King wrote:I would be very surprised if this were to be knocked; hardly an architectural gem but no doubt a suitable secondary shopping centre to be sold to one of the many european retail property funds when fully or close to fully let; no doubt the retail catchment data highlighting the level of retail saturation and number of pre-lettings already signed will have a massive bearing; more likely that in the absence of a pre-let on the anchor store that a soft deal would be done with Dunnes or Tesco and that they would dictate the completion date. The environmental consequences of knocking that amount of concrete would be truely horrendous.


At this stage, we really need a cost analysis of how much it will cost to finish the project, jobs created, and are Tesco and Pennys still interested in opening stores at the centre.

If it could be turned into the Kildare Village of the west it could be a great success, but at the expense of Limerick City Centre which is really looking run down at the moment.
lukejr
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Re: Limerick’s Stalled Projects ~ NAMA

Postby lukejr » Mon Nov 01, 2010 3:29 pm

Parkway Valley Shopping Centre, what to do with it?

I was thinking about this lately and putting a shopping center there may not be the best solution (although Limerick could do with a Tesco Extra store (similar to Naas store opened today) and a new Pennys, but not sure if a full shopping centre is needed here.

In Glasgow there is an indoor ski sloop called Xscape Braehead, (http://www.xscape.co.uk/braehead/). It has many adventure activities:
- Artificial Ski Slope
- Bowling
- Rock Climbing
- Fun Station
- Fandrop
- Laser Game

Plus many more. Would turning the Parkway Valley Shopping Centre into this style of centre work? We could also add an Olympic sized ice rink that doubles as ice hockey too.

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Piece on the opening:
06 Apr 2006

Xscape Braehead opens on time

The new £70m Xscape Braehead leisure complex near Glasgow opened as planned on 6 April, despite the collapse of a cinema ceiling last month during the final stages of construction.
Work at the X-Leisure-managed site was temporarily put on hold after the incident – described as “significant” by the Health and Safety Executive (HSE) – on 7 March.

However, X-Leisure’s chief executive, PY Gerbeau, insisted at the time that the collapse would not prevent construction on the rest of the site and would have no effect on the opening date.

The 380,000sq ft (35,300sq m) Xscape Braehead is part of the Renfrew Riverside Partnership regeneration programme and includes a 200m ski slope and a 50m beginners’ slope – boasting 16 snow guns generating 1,500 tonnes of real snow.

Xscape will also host a multiplex Odeon cinema, 24 lanes of bowling, extreme sports including climbing walls and an aerial assault course and a number of restaurants and bars such as Café Rouge and Pizza Express. It is anticipated that Xscape Braehead will attract around four million visitors in its first year of operation.

It is the third Xscape site in the UK for X-Leisure, alongside Milton Keynes and Castleford. Details: http://www.xscape.co.uk
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lukejr
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