Carrigglas Manor (Kearns & Bowen Construction)-any info?


#21

Bowen were the main construction contractor on the gigantic spa hotel and apartments complex in the Dublin mountains near Kiltiernan. That site is a disaster as well.
Way over budget. Way behind schedule. Bank won’t release anymore money. Bowen owed millions apparently.
Bowen are also working on the apartments near Charlemont Luas. Lets hope they are asking for money upfront on that project.
Just shows you the cavalier management and attitude to project risk in Irish construction companies. How do you end up owed 6 million? This is a business you are running? Gordon Ramsay would not be impressed!!!
… Actually on second thoughts Gordon would be delighted, he has a restaurant down the road from Hotel Spa Mountain, Ritz Carlton not sure if it has much of a global brand compared to Hotel ego,sorry Hotel Mountain :slight_smile:


#22

Bowen is a very interesting company - and one to watch, if the predictions of some posters about the future of the Irish property market come to pass.

They have a history of paying their directors in excess of profits made.
Last year, they outdid themselves and rewarded their directors over €4m for making a €10m loss - that’s almost half the equity in the firm, lost in one year.

Risk doesn’t seem to come into the equation.
You’d have to wonder what kind of bank provided finance for some of these ventures - which seem nothing more than pet projects that will only ever work in the fantasy world inside someone’s head.

It all reminds me of a guy who’s borrowed a grand for Punchestown, and is down to his last 20 quid, and throws it on the 50-1 shot in a last-ditch attempt to make it all back.

All fine and well - provided it’s not bank deposits belonging to you and me that are being gambled.


#23

What does it say?

The new catch phrase I have notived popping up allover is “New launch, New prices!” :smiley:


#24

Has anyone seen the Hotel and Apartments I’m talking about
It is a huge sprawling complex, can’t believe they got permission for it
Couple of hundred apartments I would hazard a guess.
I’v been told there were no plans to have a bar in the hotel!!!
People will not go only ten miles from Dublin on a getaway from it all Spa weekend. People need that journey to feel they are actually getting away from it all.
Anyways, the more interesting question is what is a hotel sprawling disaster worth?
Zero??? You couldnt sell it as a site. You’v have to knock everything on it.

Maybe you might be able to salvage a few rock bottom apartment sales. But iv heard they are tiny little creatures those apartments. They are of the weekend studio apartment type rather than actually liveable.
Can’t turn it into an old folks home.

Is the only income you can generate from this to graze sheep on the grounds at 50 euro an acre rental?
Remember Banks will be valuing these disastrous projects way above their value. This is the big national risk I foresee, banks which have these assigned a risk of “we can sell her for money we loaned” are seriously out of kilter with reality. The yes men go right to the top.


#25

It seems like a long time ago now since Retief Goosen flew in by helicopter to launch this project. People locally are amazed that the developer could screw up so badly. it is not just the market. He has the wrong house type priced too high for the local area. See the launch here


#26

I get the feeling much more worthy men than me read the pin.

Since my little photoshoot, they have gone to great lengths barricading off any possible access point to Carrigglas. Concrete bollards, the works.

Probably doesn’t help that this thread is the 5th result you get when you google “Carrigglas” :smiley:

Anyway, Mr Bowen if you’re reading, gis a wave - no need to be shy - sure we all bogey the odd sitter now and then :wink:


#27

When are you going in for the new set of photos of Carrigglas Manor and Demesne mate ?? :slight_smile:

Even a before bollard after bollard snap would be nice !


#28

have a relative around there and she said that the contractors that haven`t got paid have
stripped everything from the site…
maybe to stop looters as well


#29

Is this just my dirty mind or is this actually just an innocent reference to golf??? :imp:
db.


#30

BoI has €35m exposure to delayed Carrigglas scheme

sbpost.ie/post/pages/p/story.aspx-qqqt=IRELAND-qqqm=news-qqqid=32614-qqqx=1.asp


#31

#32

If only this had been done BEFORE the JCB’s moved in.

Project appraisal, Irish stylee.


#33

Based on the above article I would understand that even if Mr Bowen is a shareholder, he is a minority shareholder. I don’t think he’ll be stuck for a few bob any time soon regardless.


#34

#35

Looks like the Kearns boys will be whipped for this debt then… with the average price of agricultural land around €20K an acre, the site is only worth about €13.2m, less the costs of bulldozing the ~100 properties built to date. There are no other potential uses for the land.


#36

Personal guarantees are supposedly difficult to enforce, as Mrs Kearns will have rights over the home etc?


#37

If the guarantor has assets (including his home) then the guarantee will be enforced and it’s rather simple to enforce. I’ve seen them enforced on 2/3 occasions.


#38

The Kearns family home has been up for sale for some time with no takers yet. Might be open to lowball offers after the court hearing. You can see it here daft.ie/searchsale.daft?id=328632&search=1


#39

Over 2.5 million in Lanesborough? Hope they don’t need the money any time soon.

I presume if the bank moves in it will go to auction and be sold to the highest bidder.

Ironically, perhaps we’ve finally found our first occupiers for the new houses at Carrigglas.


#40

Not forgetting that sunny launch photo and blurb 2 years back are we , its saved for posterity here on the Pin anyway !!! 8)