BelfastVI Posted August 21, 2012 Share Posted August 21, 2012 Was a McGinnis/ Herbert JV. Herbert walked away, eating a £12m loss. Given the location it's certainly still an investible prospect but as it will probably take 10 years+ to fully develop I doubt that Nama will be too interested in funding it. from memory there was another party at the table. I think together the three of them had put in £5m and have lost any hope of that. NAMA might have no choice but to fund it as there will be no buyers for it. Quote Link to comment Share on other sites More sharing options...
PJ1977 Posted August 21, 2012 Share Posted August 21, 2012 from memory there was another party at the table. I think together the three of them had put in £5m and have lost any hope of that. NAMA might have no choice but to fund it as there will be no buyers for it. Isn't there always a chance of a buyer at the right price? I was surprised that Nama got the McDaid site in Drumahoe away so quickly, although that was for a paltry £2.55m. The Bangor site is surely a better location? Nama are also advertising the famous Millmount site at the moment as a development opportunity. Quote Link to comment Share on other sites More sharing options...
BelfastVI Posted August 21, 2012 Share Posted August 21, 2012 Isn't there always a chance of a buyer at the right price? I was surprised that Nama got the McDaid site in Drumahoe away so quickly, although that was for a paltry £2.55m. The Bangor site is surely a better location? Nama are also advertising the famous Millmount site at the moment as a development opportunity. yes everything has a price. But the loan on the Bangor site would be £60m. They would not get 10% or even 5% for that today. However if they funded the build out (£1m WIP) and built say 500 houses, taking say £30k to £40k site fine they could recover £15m to £20m. Quote Link to comment Share on other sites More sharing options...
PJ1977 Posted August 21, 2012 Share Posted August 21, 2012 yes everything has a price. But the loan on the Bangor site would be £60m. They would not get 10% or even 5% for that today. However if they funded the build out (£1m WIP) and built say 500 houses, taking say £30k to £40k site fine they could recover £15m to £20m. Fair point...but how many houses would they shift in the lifetime of the agency? Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted August 21, 2012 Share Posted August 21, 2012 Directors banned over defrauding Invest NI http://www.belfasttelegraph.co.uk/business/business-news/directors-banned-over-defrauding-invest-ni-16200453.html Two directors of a stone company which failed to pay money to Invest NI have been given boardroom bans for six years. Brothers Alan George Cunningham of Thornhill Avenue, Lisburn and Trevor Andrew Cunningham of Emdale Road, Ballinaskeagh, were bosses of Cunningham Stone. The company went into administration in September 2008 and went into liquidation one year later, owing £4.4m. The brothers - Alan, aged 42 and Trevor, aged 41, gave disqualification undertakings to the court and accepted a number of instances of unfit conduct. They admitted that they had failed to pay £22,400 in share dividends which had been due to Invest NI. Instead, they paid themselves £85,928 in share dividends. They also kept back £1.1m in PAYE, National Insurance and VAT. Meanwhile, 44-year-old Kerry O'Donnell of Kilmore Road in Crossgar was given a six year boardroom ban over his conduct at the helm of 20:20 Developments. It went bust owing just over £280,000, and Mr O'Donnell accepted that he had failed to pay £42,200 due to the Crown in tax, national insurance and VAT. Quote Link to comment Share on other sites More sharing options...
BelfastVI Posted August 22, 2012 Share Posted August 22, 2012 Fair point...but how many houses would they shift in the lifetime of the agency? That is unknown, as the lifetime of the agency is too. However if they were able to get the site up and running then when the time comes to off load it should be easier to do. Just my opinion. Quote Link to comment Share on other sites More sharing options...
PJ1977 Posted August 22, 2012 Share Posted August 22, 2012 That is unknown, as the lifetime of the agency is too. However if they were able to get the site up and running then when the time comes to off load it should be easier to do. Just my opinion. Again very fair point...also any idea who the farmers have lined up to develop the Balmoral site for them? Quote Link to comment Share on other sites More sharing options...
BelfastVI Posted August 22, 2012 Share Posted August 22, 2012 Again very fair point...also any idea who the farmers have lined up to develop the Balmoral site for them? LOL Even they don't know. Quote Link to comment Share on other sites More sharing options...
CCJ Posted August 30, 2012 Share Posted August 30, 2012 Quite a few Company Directors Disqualifications listed for the High Court next week, some well known names:- COMPANY DIRECTORS DISQUALIFICATIONS 1 11/132847 ALASTAIR TURNER JACKSON, ELAINE ALEXANDRA CARSON, SAMUEL ALEXANDER JACKSON & STUART ANDREW JACKSON 2 11/147226 ANTHONY VINCENT O'DOHERTY & COLM O'DOHERTY 3 12/031146 DOMINIC QUINN, JULIE QUINN & GAVIN MCGRATTAN 4 12/035069 COLIN RICHARD FLETCHER & PAUL ALISTAIR FLETCHER 5 12/041929 HENRY MCQUILLAN 6 12/041929 HENRY MCQUILLAN 7 12/041936 ELIZABETH MILLS & GARETH STEENSON 8 12/035070 KENNETH JOHN CAIRNS & IRIS CAIRNS 9 12/044092 FERGUS CHARLES JAMES DORNAN 10 12/044099 BRIAN QUINN, FRANK QUINN & MICHAEL JAMES QUINN 11 10/068642 THOMAS RODNEY VILLIERS, WILFRED ERIC VILLIERS, KENNETH ANTHONY CURRAN & CHRISTOPHER JOHN CURRAN 1 10/025891 JOHN MARTIN CAMPBELL 2 10/025891 JOHN MARTIN CAMPBELL 3 11/075992 RICHARD FISHER, SAMUEL JOSEPH CONNOLLY & COLIN DAVID FRYERS 4 11/135244 SUSAN TERESA TOWNSLEY 5 12/052014 PETER GERARD CURISTAN & PETER HOLMES 6 12/052017 SHAUN HIGGINS OTHERWISE KNOWN AS SEAN HIGGINS & PAUL LINDSAY 7 12/052532 MICHAEL GLACKIN & PAUL GLACKIN 8 12/052539 JOHN THOMAS MCFEELY & MARTINA CLAIRE MCFEELY 9 12/052544 JOSEPH STRAWBRIDGE Quote Link to comment Share on other sites More sharing options...
PJ1977 Posted August 30, 2012 Share Posted August 30, 2012 Quite a few Company Directors Disqualifications listed for the High Court next week, some well known names:- It's the start of the new legal term - coppery tans ahoy! Quote Link to comment Share on other sites More sharing options...
PJ1977 Posted August 30, 2012 Share Posted August 30, 2012 Co-Star are reporting that Lloyds/ BoSI have sold their 'Project Harrogate' distressed loan portfolio to Oaktree Capital for £260m which represents a 58% discount on original value. The main local interest is that one of the bigger loans relates to Vancouver Quarter in King’s Lynn which the Murdock's bought for £60m in 2007. One of the other large loans relates to the Kingsgate Centre in Dunfermline which BoSI took off Ivan McCabrey earlier this year. Quote Link to comment Share on other sites More sharing options...
ABC 123 Posted August 30, 2012 Share Posted August 30, 2012 Quite a few Company Directors Disqualifications listed for the High Court next week, some well known names:- COMPANY DIRECTORS DISQUALIFICATIONS 1 11/132847 ALASTAIR TURNER JACKSON, ELAINE ALEXANDRA CARSON, SAMUEL ALEXANDER JACKSON & STUART ANDREW JACKSON 2 11/147226 ANTHONY VINCENT O'DOHERTY & COLM O'DOHERTY 3 12/031146 PJ you certainly can produce the information. The information is out there DOMINIC QUINN, JULIE QUINN & GAVIN MCGRATTAN 4 12/035069 COLIN RICHARD FLETCHER & PAUL ALISTAIR FLETCHER 5 12/041929 HENRY MCQUILLAN 6 12/041929 HENRY MCQUILLAN 7 12/041936 ELIZABETH MILLS & GARETH STEENSON 8 12/035070 KENNETH JOHN CAIRNS & IRIS CAIRNS 9 12/044092 FERGUS CHARLES JAMES DORNAN 10 12/044099 BRIAN QUINN, FRANK QUINN & MICHAEL JAMES QUINN 11 10/068642 THOMAS RODNEY VILLIERS, WILFRED ERIC VILLIERS, KENNETH ANTHONY CURRAN & CHRISTOPHER JOHN CURRAN 1 10/025891 JOHN MARTIN CAMPBELL 2 10/025891 JOHN MARTIN CAMPBELL 3 11/075992 RICHARD FISHER, SAMUEL JOSEPH CONNOLLY & COLIN DAVID FRYERS 4 11/135244 SUSAN TERESA TOWNSLEY 5 12/052014 PETER GERARD CURISTAN & PETER HOLMES 6 12/052017 SHAUN HIGGINS OTHERWISE KNOWN AS SEAN HIGGINS & PAUL LINDSAY 7 12/052532 MICHAEL GLACKIN & PAUL GLACKIN 8 12/052539 JOHN THOMAS MCFEELY & MARTINA CLAIRE MCFEELY 9 12/052544 JOSEPH STRAWBRIDGE Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted September 4, 2012 Share Posted September 4, 2012 Crossgates shopping centre sold by Donegall Place Investments http://www.bbc.co.uk/news/uk-northern-ireland-19476305 The Belfast-based property company Donegall Place Investments has sold a Leeds shopping centre for a reported £30m. The firm was reported to have paid more than £40m for the Crossgates Shopping Centre in 2005. The new owner is Praxis, an Isle of Man property company. Donegall Place Investments is owned by Pat McCormack, who also has licensed trade interests, and the property investor Michael Herbert, who owns a major KFC franchise. Its Northern Ireland assets include the Bloomfield Shopping Centre in Bangor and Bow Street Mall in Lisburn. Northern Ireland investors spent billions of pounds on shopping centres in England and Scotland during the property boom. A significant number of those centres are now for sale. Quote Link to comment Share on other sites More sharing options...
PJ1977 Posted September 4, 2012 Share Posted September 4, 2012 Crossgates shopping centre sold by Donegall Place Investments http://www.bbc.co.uk/news/uk-northern-ireland-19476305 The Belfast-based property company Donegall Place Investments has sold a Leeds shopping centre for a reported £30m. The firm was reported to have paid more than £40m for the Crossgates Shopping Centre in 2005. The new owner is Praxis, an Isle of Man property company. Donegall Place Investments is owned by Pat McCormack, who also has licensed trade interests, and the property investor Michael Herbert, who owns a major KFC franchise. Its Northern Ireland assets include the Bloomfield Shopping Centre in Bangor and Bow Street Mall in Lisburn. Northern Ireland investors spent billions of pounds on shopping centres in England and Scotland during the property boom. A significant number of those centres are now for sale. Described as a consensual sale with bank (Ulster) cooperation which I think translates as Ulster agreed to eat at least some of the loss. Quote Link to comment Share on other sites More sharing options...
PJ1977 Posted September 5, 2012 Share Posted September 5, 2012 Northern Ireland investors spent billions of pounds on shopping centres in England and Scotland during the property boom. Yes they did; a non comprehensive, back of an envelope list: Kingsgate, Dunfermline - Mivan Oak, Greenock - Murdocks Vancouver, Kings Lynn - Murdocks Highgate Retail Park, Birmingham - Murdocks Fosse Park, Leicester - Cheevers/ McGuckian Avenue, Newton Mearns - Cheevers/ McGuckian Palace Exchange, Enfield - Cheevers/ McGuckian Belfry, Redhill - Cheevers/ McGuckian Priory Meadows, Hastings - Cheevers/ McGuckian Regent, Hamilton- McGuckian Palace Grounds, Hamilton - McGuckian Vicarage Field, Barking - Lagmar Cockhedge, Warrington - Lagmar Winsford Cross, Winsford - MAR/ Chris Walsh Savoy, Glasgow- PBN West One, Eccles -PBN Beacons Place, Cardiff - PBN Parkway, Coulby Newham -PBN Forge, Glasgow - McKillen/ Drayne Frenchgate Interchange, Doncaster - McKillen/ Drayne Pavements, Chesterfield - McKillen/ Drayne Gyle, Edinburgh - Ewarts Hart, Fleet - Ewarts Bowen Square, Northampton - Frank Boyd Pavilion, Hertfordshire - Frank Boyd White Rose, Rhyl - Frank Boyd 61-79 Buchanan Street, Glasgow - Andrew Creighton Lemon Quay, Truro - Corbo Roebuck, Newcastle-Under-Lyme - Ravenhill Estates Newgate, Bishop Auckland - Ravenhill Estates Princess of Wales, Dewsbury - Ravenhill Estates Southergate, Dunmfries - Herbert Loreburne, Dumfries - Herbert Lesley Retail, Stranraer - Hebert Newgate, Newcastle - McAleer and Rushe Arndale, Morecombe - JAP Morecambe (menarys) Arndale, Leeds - Chris Walsh Nags Head, Islington - Chris Walsh Riverside Walk, Thetford - Chris Walsh Quote Link to comment Share on other sites More sharing options...
PJ1977 Posted September 6, 2012 Share Posted September 6, 2012 Nama linked http://www.bbc.co.uk/news/uk-northern-ireland-19505109 Quote Link to comment Share on other sites More sharing options...
PJ1977 Posted September 10, 2012 Share Posted September 10, 2012 Nick 'the Greek' McKenna has been ordered to stump up £2m in the Malone Park specific performance case. http://www.rte.ie/news/2012/0910/businessman-ordered-to-pay-house-price-balance.html Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted September 10, 2012 Share Posted September 10, 2012 Debt magazine names property man http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/debt-magazine-names-property-man-16209149.html One of Northern Ireland's best known property developers has been named in a leading debtors' magazine over a 10 million euro (£8 million) investment gone wrong. Peter Curistan, 56, the key player behind the landmark Odyssey development in Belfast's docks, has been listed in Stubbs Gazette. The publication was made after the High Court in Dublin ruled that 10.4 million euro (£8.3 million) must be repaid to the former Anglo Irish Bank. The debts being chased by the rebranded Irish Bank Resolution Corporation (IBRC) were run up by Cambourne Investments, a company registered in the British Virgin Islands and which has a branch in the Parnell Centre in Dublin, and Century City Ltd, based at the Sheridan Imax Theatre, Parnell Street, and Mr Curistan, of Hampton Park, Belfast. The Stubbs listing has been published in editions sent to subscribers and will be in shops from October 1. The debt-monitoring magazine also revealed that in just one week, 113 judgments totalling 35 million euro (£28 million) have been registered against consumers and companies failing to pay back loans or bills to their creditors. This brings total judgments in the year to date to over the one billion euro (£799.4 million) mark. Quote Link to comment Share on other sites More sharing options...
PJ1977 Posted September 10, 2012 Share Posted September 10, 2012 Debt magazine names property man http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/debt-magazine-names-property-man-16209149.html One of Northern Ireland's best known property developers has been named in a leading debtors' magazine over a 10 million euro (£8 million) investment gone wrong. Peter Curistan, 56, the key player behind the landmark Odyssey development in Belfast's docks, has been listed in Stubbs Gazette. The publication was made after the High Court in Dublin ruled that 10.4 million euro (£8.3 million) must be repaid to the former Anglo Irish Bank. The debts being chased by the rebranded Irish Bank Resolution Corporation (IBRC) were run up by Cambourne Investments, a company registered in the British Virgin Islands and which has a branch in the Parnell Centre in Dublin, and Century City Ltd, based at the Sheridan Imax Theatre, Parnell Street, and Mr Curistan, of Hampton Park, Belfast. The Stubbs listing has been published in editions sent to subscribers and will be in shops from October 1. The debt-monitoring magazine also revealed that in just one week, 113 judgments totalling 35 million euro (£28 million) have been registered against consumers and companies failing to pay back loans or bills to their creditors. This brings total judgments in the year to date to over the one billion euro (£799.4 million) mark. Here's the full judgement which the above is based on http://courts.ie/Judgments.nsf/09859e7a3f34669680256ef3004a27de/5d03af42e4c6c0fc80257a32002fe940?OpenDocument We learn from it that Pat Whelan (one of the Golden Circle accused) thought that his former Anglo colleague Neil Adair had 'a big mouth' - paragraph 18. We also learn that at one point Seamus Jennings made a lowball offer for the Odyssey - paragraph 13 We also learn a bit about the unique Anglo culture in paragraph 31. Namely if you were an Anglo banker and the valuers came back with a number you didn't like you could pretty much make up a number and present that to the credit committee. Quote Link to comment Share on other sites More sharing options...
PJ1977 Posted September 17, 2012 Share Posted September 17, 2012 Antrim builders Barnish Homes have been put into admin by Anglo/ IBRC - they had PP to build about 250 units on Ballygomartin Rd/ West Circular in west Belfast. Receivers appointed to a number of related firms with assets including a couple of pubs. More on Barnish. £8m hit for Irish taxpayers. http://www.bbc.co.uk/news/uk-northern-ireland-19626048 Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted September 17, 2012 Share Posted September 17, 2012 Construction company wound up with debts of £5m in fresh blow to economy http://www.belfasttelegraph.co.uk/business/business-news/construction-company-wound-up-with-debts-of-amppound5m-in-fresh-blow-to-economy-16211831.html A CO LONDONDERRY construction firm which employed 60 people was wound up after running up debts approaching £5m. The Magherafelt groundworks firm Outdoor Services was recently employed on a project in Surrey by major contractor Gilbert Ash. In business since 1998, it worked on big name schemes including the Giant's Causeway complex, Dundonald Hospital, Asda in Portadown and Dobbies Garden Centre in Lisburn. Her Majesty's Revenue and Customs (HMRC) brought a winding-up petition against the company in August. It is understood to be owed around £3m by the firm. Quote Link to comment Share on other sites More sharing options...
ABC 123 Posted September 17, 2012 Share Posted September 17, 2012 Alastair Jackson and Keygo Properties Ltd get a mention in the commercial section of The Sunday Business Post by Kieron Wood Proceedings against solicitors Coughlan White who acted for Jackson and Keygo are not statute barred as they had claimed.The case relates to a 2003 sale of a house at Dolmen Mews,Carlow which has permission as a holiday home.John S O'Sullivan solicitors are claiming contribution relating to the settlement of a claim brought against them by their client who purchased the property beside the Dolem Hotel in October 2003 for 20,000 euro from Alistair Jackson and a signed building agreement with Keygo for 135,000 euro. There had been an informal ceasefire pending an application for rentention permission for the units to be used for normal residential purposes but this was refused last October. A spokeswoman for Carlow County Council said that a change of use application made last week by Jackson was due for decision by October 3. According to Tara Cosgrave there have been ten similar complaints about the Dolmen Mews development. Quote Link to comment Share on other sites More sharing options...
PJ1977 Posted September 18, 2012 Share Posted September 18, 2012 Anyone with a Comber Mill apartment just saw it slide a bit further into negative equity http://www.bbc.co.uk/news/uk-northern-ireland-19634119 Quote Link to comment Share on other sites More sharing options...
Sure thing! Posted September 18, 2012 Share Posted September 18, 2012 Anyone with a Comber Mill apartment just saw it slide a bit further into negative equity http://www.bbc.co.uk/news/uk-northern-ireland-19634119 While everyone foresaw the slide a moment after their eyebrows raised on seeing the price attached to these things in the beginning. Madness. Quote Link to comment Share on other sites More sharing options...
PJ1977 Posted September 19, 2012 Share Posted September 19, 2012 (edited) Ulster Bank have been taking a few things off Cookstown's Dessie Bell, including this http://www.osborneking.com/siteFiles/resources/pdf/properties/10%20&%2012%20parkanaur%20road%20castlecaufield.pdf, which was held by an outfit called Duval Estates which has a balance sheet about £1m in the red. There are a few other odds and sods on the OK website associated with Bell Contracts. Dessie hit the headline a while ago when his estranged missus had him before the courts in Dublin. http://www.independent.ie/national-news/frauddispute-couples-ponies-worth-250000-each-in-boom-2515986.html Edited September 19, 2012 by PJ1977 Quote Link to comment Share on other sites More sharing options...
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