'Ghost towers' in Dun Laoghaire - any info?

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?

The irony of this isn’t lost on me!!

According to the planning application (ref. D03A/0850) on the Dun Laoghaire Rathdown County Council website, the developer of the Iceland site is called “Anglo Construction Ltd.”

Anglo own Iceland, The irony of all of that is not lost on me 8)

The irony of these could be lost too. :angry:

The iceland site was owned by Tuskar Asset Management who went to the wall.
the site has been taken over by the contractor Pierce, who are building it out

…or who were building it out. Like I say, not a whisper of activity since November…

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."

Thanks for that. I’d heard about the 25 million. So 8 million is what a site of that size is now deemed worth? Jeepers…

That €8M is not what the site is worth, it is the value of the half-built property. The €25M owed might cover site and build costs. That was back in December, so I guess it is worth even less now.

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…