Indebted tycoons' project is virtually a 'ghost town'

[What_Goes_Up]

independent.ie/national-news … 74980.html

**Indebted tycoons’ project is virtually a ‘ghost town’ **
Tuesday May 11 2010
By Anita Guidera

MARY Gilmartin and her husband Pat are well-known figures in the property development business around their native Sligo.

Their construction company, Avena Developments, which went into receivership last November, was behind a 200-unit tax-designated development in Ballisodare, 7km south of Sligo.

Although virtually complete, most of the houses and apartments are unsold and make up just half of the empty housing units in the satellite town where the population exploded to 3,500 in recent years.

But state-of-the-art Avena fitness and leisure centre, which is part of the overall development, is very busy.

The two were also behind a mixed development on Sligo’s High Street in 2003 and the Summerville Nursing Home in Strandhill, which was opened in 2005 by the then Tanaiste Mary Harney.

…(cont’d)

[What_Goes_Up]

independent.ie/national-news … 74979.html

Bank pursues woman for €47m over loan guarantees
Tuesday May 11 2010
By Tim Healy

A woman is being pursued for €47m by a bank over personal guarantees provided by her over loans to a building company that is now in receivership.

Summary judgment for some €37.3m was entered at the Commercial Court yesterday.

The judgment in favour of ACC Bank is against Avena Developments, with registered offices at Youngs Road, Ballisodare Town Centre, Sligo.

The €37m claim related to loans given to Avena in 2003, 2005 and 2007, mainly for developments in Ballisodare.

ACC is seeking summary judgment for €47m against a director of the company, Mary Gilmartin, Avena House, Ballisodare, Sligo, which includes €37.3m on foot of her personal guarantee over the firm’s liabilities.

…(cont’d)

[Larry]

I’d never heard of Ballisodare before, so I Googled it and the first return was Daft…where it shows 39 properties for sale there. And I guess that’s before we add these 200 units.

For a village (or townland? or hamlet?) 7km from the 6th or 7th or 8th largest town in Ireland, that is a bit on the high side I would have thought.

[Puckane]

Ballisodare was one of the villages in Sligo that got a “Village Design Statement”. (Also Grange 2001/2002)
heritagecouncil.ie/planning/ballisodare.pdf
It used to be posted on the Heritage.ie website as of 2007/8 but alas no more

only found this on Sligo co co website in reference:

Village Design Statements
In September 2001, local communities in Ballisodare and Grange had an opportunity to be involved in the future design and planned expansion of their villages, through their participation in the production of “Village Design Statements”. The pilot programme is a partnership approach involving both local communities, Sligo County Council and The Heritage Council.

another village where “forward planning” was supposed to apply and they get a Ghost estate dumped in on them.
Beware any village with ** Village Design Statements"** they seem to get shit on at the end of the day.

[Bal]

Ballisodare was one of the villages in Sligo that got a “Village Design Statement”. (Also Grange 2001/2002)
heritagecouncil.ie/planning/ballisodare.pdf
It used to be posted on the Heritage.ie website as of 2007/8 but alas no more

only found this on Sligo co co website in reference:

Village Design Statements

In September 2001, local communities in Ballisodare and Grange had an opportunity to be involved in the future design and planned expansion of their villages, through their participation in the production of “Village Design Statements”. The pilot programme is a partnership approach involving both local communities, Sligo County Council and The Heritage Council.

another village where “forward planning” was supposed to apply and they get a Ghost estate dumped in on them.
Beware any village with ** Village Design Statements"** they seem to get shit on at the end of the day.

Beware any village with ** Village Design Statements"* they seem to get shit on at the end of the day.*

Absolutely! The VDS for Grange recommended preserving its historic centre but all retail outlets have been moved to a god-awful strip-mall, devoid of any visual attraction, along the N15.
Behind them are several unbuilt and partly-built apartments while a little further back are unbuilt/unfinished houses: the builder went bust.
Meanwhile the Grange priest is lobbying for land to be rezoned so that a housing estate can be built well away from the village!

[2Pack]

another lot of ACC loans going back to 2003 I see.

[Albarino]

The concept of a sattelite town of Sligo should tell you all you need to know.

And what genius decided that this fiasco needed tax designation?

[2Pack]

And what genius decided that this fiasco needed tax designation?

The usual suspects, Cowen and McCreevey !

[Open_Window]

Tycoon’s eh

The word tycoon is derived from the Japanese word taikun (大君?), itself borrowed from the Chinese tàijūn (太君), which means “great lord,” and it was used as a title for the shogun. The word entered the English language in the nineteenth century with the return of Commodore Perry to the United States. U.S. President Abraham Lincoln was humorously referred to as the Tycoon by his aides John Nicolay and John Hay. The term spread to the business community, where it has been used ever since. Tycoon could be related to the Greek word Τύχη Tyche meaning “fortune.”

en.wikipedia.org/wiki/Business_magnate

[Puckane]

Copy of Ballisodare Village Design Statement 2002.
puckane.net/sitebuilderconte … sodare.pdf
wonder how the Vision of 2002 will meet the Reality of 2010

[memorystick]

The partially sold development referred to in the Independent piece independent.ie/national-news … 74980.html and built by Gilmartin in Rosses Point, currently has the streets dug up to FIX the sewage and utility pipes that were incorrectly laid 2 years ago. These 4 bed homes are still being sold for €700k. It must be a health hazard.

[grumpy]

Woman consents to €47m judgment

A woman has consented before the Commercial Court to the making of €46.9 million summary judgment orders against her arising mainly from her personal guarantees over loans to a building company, now in receivership, of which she was a director.

The summary judgment orders were sought by ACC Bank against Mary Gilmartin, Avena House, Ballisodare, Co Sligo, on some 37.3 million in loans advanced to Avena Developments Ltd and 9.58 million to Ms Gilmartin to buy sites and residential property investments and sites.

Counsel for ACC and Ms Gilmartin agreed Ms Gilmartin was consenting to the orders and Mr Justice Peter Kelly entered judgment for €46,891,225 against her.

irishtimes.com/newspaper/ire … 77371.html

ACC working their way down the chain. Must be scary for the smaller guys waiting for the inevitable.