CIF refused planning permission - Indo

Well it cheered me up…

Nothing like a spot of portfolio diversification Tom.

Let me get this straight, you want to take some of the Construction Workers Pensions and put it into a corporate HQ & apartments while the commercial & residential markets are tanking. Pure genius XX

Should have been thrown out on the grounds of pure & utter stupidity.

I was trying to find the accounts for the CIF. I assumed it would be a company limited by guarantee but couldn’t find a match at their address. Anyone know what the story is?

i can’t imagine too many builders cutting them a cheque at the mo.

What I find really interesting is the fact that the CIF’s current HQ are in need of replacement after only 20 years.

Must not have been built to a very high standard…

At last we now know the answer to the question “are they liars or are they idiots?”.

Sneak preview of artists impression of CIF proposal…

I wonder who they were going to ask for the mortgage?
Or were they going to pay cash out of the enormous profits that were apparently all ploughed back into landbanks.

It is a bit odd though.
If the CIF managed to survive through the biggest building boom in the history of the state in their current offices,
why would they need substantially bigger offices as their industry shrinks to nothing.

There’s preparing for the upturn, but what kind of upturn are they expecting that will need bigger offices than they
had in the boom?


trying to do their bit to stimulate the industry I suppose … 96794.html

By Paul Melia

Friday April 03 2009

The CIF, in partnership with the Construction Workers Pension Scheme (CWPS), intended to part-demolish its 1980s offices on Canal Road in Dublin beside the Grand Canal and build a 30-metre, seven-storey building to include 16 apartments.

16 apartments. I mean, if we are not entirely through the looking glass with this revelation we never will be. I am dumbstruck by that.

Here’s what I interpret from it: the CiF still see a margin in building apartments (no doubt to in part off-set the cost of their new HQ). Now, if they can make a profit on 16 apartments in the current climate, then it makes a total nonsense of this bullshit we hear that developers are selling at cost (or not far above). If anything, this application proves that apartments are hugely overvalued still because the CiF knows they can build them in the middle of a crash AND STILL make a profit. Bastards.

I’d be interested in seeing the numbers.

It’d be built on their existing site, so no additional cost re: land - that certainly helps immeasurably with the margin.

And is it possible that they would have some incredibly cheap labour lined up due to the obvious contacts? Thus cutting the “normal” build cost even further?

An apartment beyond a certain radius from Dublin is potentially unsellable regardless of price (2pack’s 2band theory?) but a Grand Canal-overlooking apartment is surely central enough to always attract demand … at the right price.

So, keep the labour costs down, and maybe, just maybe, they might have something.

The labour costs are admittedly a big “maybe”

Not to defend the CIF or anything but first of all this is the result of an appeal to An Bord Pleanala, so therefore the original planning application was made quite some time ago. I thought maybe late 2007.

Off we go to google

There was an article in the SBP in March 2008 (Tom - “recession? what recession?”) which also states that -

No point in withdrawing at that stage and they have 6 years within which to have the project substantially completed and the location should always be good.

I’m not wearing my best glasses but is that an FTB being sacrificed on the top of the pyramid?

Nope. It’s a construction worker, and Tom is the guy with the knife.

The FTB’s are the ones standing around looking at the pyramid refusing to touch it with a barge pole.
That procession coming up through the middle are the ones entering the pyramid for the dead cat bounce,
an ancient ritual sacrifice still performed to this day.


So that river in the background would be De Nile then?