A few apartment developments in Dun Laoghaire appear to have gone bust. Work on the Iceland site (that would have become a six- and nine-storey development) stopped in November, at around two storeys - apparently Pierse were building it [Mod Edit]
Similarly, almost next door the redevelopment of Smyth’s Pub stopped at the same time. Does anyone have any more info on the situation on these two sites? What happens in this kind of scenario? Does the semi-finished building just moulder for the next two decades? And how about the cranes - are the receiver (if there is one) responsible for maintaining or dismantling this?
According to the Sunday Business Post of 14th December 2008;
"Bank of Scotland (Ireland) has seized a major development site in south Dublin from a company connected to Tuskar Asset Management, the insolvent investment firm that is in examinership.
The bank has taken control of the prominent Iceland site in Dun Laoghaire, which consists of a half-built commercial development. The bank is owed €25 million in relation to the site, but the property is now worth just €8 million, according to official filings."
It would appear that the developers are projecting a resumption of work on the Iceland site in the New Year. How that is being financed, I don’t know. Presumably the addition of another 80+ apartments in the Dun Laoghaire locality would serve to push rents down even farther…