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Developers In Trouble


Mr Mephisto
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Heard a rumour (or statement of fact, depending on your point of view)at work that a builder from Bessbrook has allegedly gone bust. I can't reveal the name but the initials might well be L & McA - allegedly

Hi Vespasian thanks for that. Now I'm no Columbo detective and correct me if I'm wrong but all the new build properties listed here http://www.propertynews.com/results.php?s=37648912&p=1 appear to have come down in asking price recently.

And in true Columbo stlye ...... Just one more thing .... Is this just coincidence or is there a connection?

If there is a connection then I'd recommend keeping a close eye on these property prices to see how they change over time.

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Hi Vespasian thanks for that. Now I'm no Columbo detective and correct me if I'm wrong but all the new build properties listed here http://www.propertynews.com/results.php?s=37648912&p=1 appear to have come down in asking price recently.

And in true Columbo stlye ...... Just one more thing .... Is this just coincidence or is there a connection?

If there is a connection then I'd recommend keeping a close eye on these property prices to see how they change over time.

Good detective work! Your stock is rising

No doubt appearing in TDGTTS soon! ;)

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Good detective work! Your stock is rising

No doubt appearing in TDGTTS soon! ;)

That may be the only stock that is rising at present given the current economic climate :lol:

I predict Beech Meadows and Gortview Park to feature in some future TDGTTS reports.

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  • 4 months later...

I have just been talking to a guy from Stubbs Gazette in Dublin.

They are expecting large write downs from the construction industry in the North after the twelfth fortnight break and from the South after the builders holiday at the end of July.

Apparently Antrim Construction paid off a large amount of workers last week.This came directly from a paid off employee but I have seen no mention of this in the press.

Maybe as Stubbs are expecting the figures will be released after the hols.

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I have just been talking to a guy from Stubbs Gazette in Dublin.

They are expecting large write downs from the construction industry in the North after the twelfth fortnight break and from the South after the builders holiday at the end of July.

Apparently Antrim Construction paid off a large amount of workers last week.This came directly from a paid off employee but I have seen no mention of this in the press.

Maybe as Stubbs are expecting the figures will be released after the hols.

I posted in another thread that pattens paid off 200 workers last week, came from a guy who was working with several pattens employees. No mention of that in the press either.

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It seems strange to me that these pay offs wern't reported. The guy I heard from had been with AC over 30 years and been through all sorts of good and bad times with them.

Do you think the press have decided not to report it for confidence reasons?

Or just that there are so many now that the press couldn't be bothered now?

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I posted in another thread that pattens paid off 200 workers last week, came from a guy who was working with several pattens employees. No mention of that in the press either.

Don't think they have 200 employees, as far as I know they have a small amount of staff. Everyone else is subcontracted in.

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  • 1 month later...
Guest vicmac64

Well word is that the banks are moving hard and fast against smaller builders and developers that are failing to meet interest payments. Expect a lot of news within the next few weeks on this. Also banks are now forcing speculative developers to sell the land they have bought. Have heard as recently as this week of a syndicate that paid 6million for a plot of land only a year ago and that had been FORCED to sell a couple of months back for 4million. There were 4 in that sydicate so that leaves each of them nursing a .5million loss....... OUCH and serves them right for their irrational exuberence and greed in the first place. I think many fortunes will be LOST after this is all over.....

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http://www.tribune.ie/business/news/articl...ern-subsidiary/

Thanks to Verbatim at the Pin

Brokers familiar with the situation told the Sunday Tribune that First Trust could be especially vulnerable as the bank was a "latecomer" to property development lending in the North and had a disproportionate share of small, inexperienced clients who were now facing steep asset devaluations on recently built properties.
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A small fish but a very significant trend...

http://www.propertynews.com/brochure.php?r...amp;p=PNC389025

I know this developer is officially bankrupt.

Apparently he demolished his own house to build these.

It's sad to hear they demolished their own house to build this. If they had done it a year or two earlier, they'd have probably made a mint. Instead, they've had to face bankruptcy. That's the problem with speculation, I suppose... :unsure:

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  • 1 month later...

Administrator appointed to Taggart Holdings

Irish Times, Ireland - 5 hours ago - see link here

These guys are Northern Ireland's largest property developers by a mile and in Dec 2007 appeared in an RTE programme on top 50 richest in Ireland at position 18 abouts. As it was airing, they were fighting with the Repo man.

It seems the cowboys are dying quicker than the Injins...

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Administrator appointed to Taggart Holdings

Irish Times, Ireland - 5 hours ago - see link here

These guys are Northern Ireland's largest property developers by a mile and in Dec 2007 appeared in an RTE programme on top 50 richest in Ireland at position 18 abouts. As it was airing, they were fighting with the Repo man.

It seems the cowboys are dying quicker than the Injins...

Yeah MD - Big news indeed. I managed to get into a cache of their site (even though the site is no longer available) and found the following details about some of the extensive land bank. Not sure if there are houses on any of this lot though.

Also you might see one of these for sale at auction soon.

portfolio : Taggart Holdings residential land

If you wish to know more about any or the properties listed below, please email: [email protected]

ANTRIM

Glengormley

5 Acre Site on the Hightown Road

5 acre site on the Hightown Road with potential for 50 residential units (subject to zoning). This development is located in a prime area with proven market demand.

Templepatrick

12 Acre Zoned Residential Site

Planning Application for 120 units.

DERRY

Limavady Road, Derry

4 Acre Brownfield Site

4 acre brownfield site with a proposal for 34 units. Prime location approx. 1.5 miles from city centre.

Coleraine

3 Acre Zoned Residential Site

3 acre zoned residential site with a proposal for 41 units. Planning application lodged. Prime location within an established residential area.

BELFAST

Saintfield Road

23 Acre Zoned Residential Site

23 acre zoned residential site with Outline Planning Approval for 220 units.

Dundonald

5 Acre Zoned Residential Site

5 acre zoned residential site with Full Planning Approval for 35 units.

Dundonald

90 Acre Zoned Residential Site

90 acre zoned residential site with Outline Planning Approval for 1,000 units.

Dundonald

43 Acre Zoned Residential Site

43 acre zoned residential site with Outline Planning Approval for 400 units. Partial Reserved Matters Approval for 183 units.

Carryduff

23 Acre Zoned Residential Site

23 acre zoned residential site with Full Planning Approval for 224 units.

DOWN

Newcastle

17 Acre Zoned Residential Site

17 acre zoned residential site

DONEGAL

Muff

13 Acre Mixed Use Site

Site with full planning permission for bar / restaurant / leisure complex. Planning permission also received for 6 retail units and 4 office units.

MEATH

Navan

31 Acre Residential Site

31 acre residential site located in the Johnstown area on the south side of Navan, opposite the IDA site. Has planning for 425 residential units .

KINNEGAD

Corkhill

24 Acres

WESTMEATH

Ardmore Road, Mullingar

Royal Canal

6.5 acre site with planning for 121 units.

Ardmore Road, Mullingar

4 Acre Site

4 acre site with proposal for 65 residential units. Planning application submitted.

BRIGHTON

Upper Drive, Hove, Brighton

1.2 acre site located in Hove, approximately 3 miles from Brighton, the site has full planning permission for 41 apartments.

MANCHESTER

457 Tyldsley Road, Tyldsley, Manchester

1.0 acre site on the edge of Tyldsley town centre which is approximately 4 miles from Wigan, North West of Manchester City centre, the site has full planning consent for 33 apartments.

Wellington Road, Eccles, Manchester

1.0 acre site in the City of Salford approximately 3 miles from Manchester City centre. The site has outline planning permission for 42 apartments.

CUMBRIA

Walker Brow, Harrington, Cumbria.

5.5 acre site 2 miles south of Workington, the site has full planning consent for residential development. A new scheme will be submitted in the new year for 82 apartments, semi detached, mews and detached houses.

Edited by paul65
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