I’ve just stumbled on this site - d4receivership.com/ - which claims to be selling new builds in D4 as part of a receivership. Domain freshly registered, twitter a/c ditto. Whois on the domain doesn’t reveal anything more (registered by design company). Very vague website with no details of the property as yet, but the description would suggest it’s somewhere in Docklands / Ringsend. Any thoughts?
Mc Namara /Elm Park
10 Year structural guarantee
Finance arranged? Could this be related to the NAMA financing scheme which is still to get approval?
… just in case you’re dying to part with some cash before you even know what bankrupt development we’re talking about.
So it’s in Sydney or Boston or Munich then?
It would be brilliant if this were planned apartments for the Irish Glass bottlers site.
Buy now, live there in 2020.
NWL, do you have a view on whether it would be legal for NAMA (aka the state) to offer financial assistance to aid the sale of a specific group of properties (by definition, to the detriment of sellers in the general population)? Some of us here have been thinking this sounds very similar to the Home Choice Loan debacle, which - if memory serves - the EU found to be anti-competitive, offering as it did state loans for new properties only.
Hi Larry, yes I do have a view and it is that NAMA will find its policy, hazy as it is, to provide funding to buyers difficult to implement. It will need an amendment to the NAMA Act in my view and also in my view, EU approval. It may be possible, I don’t think it’s black-and-white but I think it will be challenging for NAMA to get approval.
That said, without credit availability NAMA will need sell at fire sale prices so what is the agency to do?
I reckon the existing HFA / Home Choice / ‘Local Authority Mortgage’ will be the mechanism and that priority will be given to the purchase of NAMA held stock .
As for D4 receiver, Allsops or else Ken himself probably own it
I bet this is the remaining units in the old Gaswork bit of the Gasworks.
In Receivership for 18 months with the units being rented and now Receiver wants to sell them. Lots of apartments. Is very popular with googlers in the rental market.
I was just about to post the same thoughts BG.
Here is some commentary on the development from an earlier 'pin thread.
But, I suppose it could be any end of bubble development in the postal district.
The Act allows joint ventures and joint venture vendor financing would just be a small further step. Now finding a partner for the jv with a good enough credit rating to access serious external capital may be a problem.
I can’t think of any houses in Gasworks so it must not be it.
But I can’t think of anywhere in D4 that has townhouses as well as apartments either.
Not suggesting any are located here but for example:
Shrewsbury - Houses as Well As Apts in a managed complex
Ailesbury Oaks - Some townhouses and more apts
These are well established - I’d be surprised if they were included - though maybe the original developer/investor is offloading.
Beggars Bush has townhouses in a managed complex IIRC
There are 12 houses in the gasworks (no 1-12 The Pigeon House) where I lived until turfed by the receiver 3 weeks ago. The management agent told me that the receiver had instructed them to turf tenants from the houses as well as the 25-ish apartments in the Gasworks they were managing. The Alliance building was not included in these. I assumed Google bought them but I might have ben wrong.
Looking more at the apt/house specs, it’s almost certainly the Gasworks.
Interesting! I alwasy got the impression the Gasworks were one of the better apartment complexes both in finish and location-wise than most of the recently built ones, would I be right? Say circa €100,000-€120,000 for a 2 bed apartment maybe?
I live there at the moment, they were by definitely the best of the ones in the area I looked at before moving in here, and I looked at a lot! The ones outside of the Alliance building I mean, the ones in the Alliance suffered from being of a poor shape
The EU approved NAMA already, and there was a lot of fine tuning - at the EU’s request - of the legislation.
It’s precisely because of the lack of credit availability that they’ll be allowed to become Staple Financiers - that was part of the EU logic review of the legislation. I have no doubt but that this will happen. Soon.
Remember well that NAMA is a test case for the EU as a whole, not just little old Ireland. We ARE the case study.
NAMA are not stupid and will proceed only according to plan. This is the plan. No Firesales … unless there’s an auction with a funded bidder to current market levels. Translation - 9% Gross yield. They will fund at that level - regardless of the nominal figures - the ‘Floor Level’.
Why is there no other funding for a min. 9% Gross yield?
That’s the question I can’t get beyond.
And if that isn’t attractive enough for non-NAMA finanace - then what will NAMA do to make the 9% sweeter? Make it I/O and roll the I/O into the far end/refi?
No chance of that for the obvious reasons that you imply.