CologneMike wrote:Douglas Wallace Architects goes into liquidation
Thatâ€™s not helpful . . . .
I think this project is cursed, its just destined never to happen!
Who's going to take care of the inevitable design tweaks that the ABP report is going to order?
Anyway, heres another line on the Opera Centre. I suppose we shouldn't really be surprised!:rolleyes:
Anglo owns 50% stake in stalled Limerick scheme (Sunday Business Post)
By Richard Curran
Anglo Irish Bank has emerged as a 50 per cent shareholder in a stalled â‚¬350million shopping centre development in Limerick city centre. Anglo acquired the stake in Regeneration Developments, the company behind the proposed Opera Centre in Limerick.
Accounts recently filed for the company show that, at the end of 2007, it had bank borrowings of â‚¬81million,payable within one year.
The loans were given by Bank of Ireland, and Anglo was not a banker to the project.
Anglo declined to say how much it paid for the stake. The three property developers behind the project, who are also clients of Anglo, are David Courtney, Jerry Oâ€™Reilly and Terry Sweeney.
Accounts for Regeneration Developments show the companyâ€™s borrowings were secured on properties on the site, options on further properties and personal guarantees from the three, totalling â‚¬50 million.
The company accounts valued the site and development for the Limerick centre at â‚¬89 million at the end of 2007. It had further investments valued at â‚¬19.6 million, but creditors falling due within one year totalling â‚¬109million.
The auditors did not qualify the accounts but drew attention to the carrying value of the companyâ€™s investments, saying the economic outlook and property downturn â€˜â€˜creates an uncertainty about the appropriateness of the carrying value of the investment and stockâ€™â€™.
Even valuing total assets at â‚¬106 million, the directors said that the company had net current liabilities of â‚¬19.6 million and â€˜â€˜limited incomeâ€™â€™ at the end of December 2007. Anglo Irish acquired its stake in the venture on December 21, 2007.
Industry sources said that the now nationalised bank acquired its share with a view to selling it on to private clients, but that never happened.
The project, which would have been the biggest shopping development in the mid-west, was granted planning permission last September, but is awaiting the outcome of a Bord PleanÃ¡la decision. It had the full backing of Limerick City Council but, in the current environment, it seems highly unlikely the project will go ahead.
Courtney, Sweeney and Oâ€™Reilly bought the venture from a group of developers in February 2007 and sold half of it to Anglo at the end of that year. None of the directors could be contacted for comment, and Anglo Irish declined to answer any queries other than to confirm its 50 per cent shareholding.