Indo: Dunne's audacious bid to buck property slump

The most significant line in this report:

Whatever he’s up to, he doesn’t want to answer for it.

I suspect he’s hoping to maintain a “business as usual” image. Could be important if he’s actually insolvent. Lobbing in the application wouldn’t cost much and, if he got permission, he could probably book some appreciation on the property although in reality it’s unsaleable at any price that would help the Dunner.

There are planning applications going in all over the place. It is purely to shift the asset type from development land/potential to planned schemes. Riddle me this, Mr. NAMA, have you been placing specific haircuts on specific types of land? Without planning -70%, with planning -50%?

Was chatting to a developer before christmas and he was delighted that a planned 250 house development had stalled before he had commited too much to it.

He broke ground on it last week.

The undead are on the move.

Something is up.

A couple of months ago I spoke to a couple of architects whose only work was making Planning Applications for schemes which wasn’t really going to go ahead. It was merely to keep banks happy to show that “stuff was happening”.

Hope they are getting paid in advance !

I heard it the other way around - like YM. The banks are directing the apps to caress the balance sheets.

Have an architect client. Did some plans a while back. First drawings, client said fine, apply. Hang on a sec, the design is all wrong, pillars int eh wrong places. Donesnt matter, it will never be built, the bank want the planning.

It must be about NAMA. There is nothing else out there.

I was just imaging an Adam Sandler vehicle in which, by some mixup only Hollywood could ask us to believe, the Sandler character gets to be the head of some finance agency although he has no experience or training and it’s going to put big money into a massive new office development. Sandler thinks he’s on the pig’s back until the scene where he overhears the developer tell his lawyers how Sandler is the fall guy when the Feds discover their massive fraud :stuck_out_tongue: .
I’m not so Happy Gilmore now, because I’m seeing an Irish twist here. And I thought of some casting ideas


Yes, I think it’s about NAMA. Let the games begin. There won’t be an acre of bank-liened development land in the country that doesn’t have planning for something. Expect to see Ireland’s first space centre receive planning from Roscommon county council. I’m sure bungaloid could get planning for one of his reactors through in Mayo…

That be the field next to Élan that was recently advertised for 22 million. XD

It would be funny if it weren’t true :slight_smile:

I’m afraid someone beat you to it …

Don’t worry. It’ll be grand in the end because the developer’s daughter wasn’t just pretending to love the Adam Sandler character. And Melanie Griffiths is looking for the part (comeback!)!photos/Melanie_Griffith.jpg

Now, if only they could remember the combination to Daddy’s safe

We’ll laugh, we’ll cry.

Are they half cut come hither eyes from Mary or what?

I’d have certainly said so.

On the original point, if planning increases the value of a site, doesn’t planning refusal decrease the value of a site ?

For example, if an Irish property magnate genius had paid some ludicrious,arbitrary sum chosen by his wife for some hotels in D4, and Bord Pleanala had laughed at his redevelopment plan and basically told him they’d never approve anything there but a refurbishment of the existing hotels, shouldn’t the valuation of that site be adjusted down to reflect the fact that regardless of what he claimed he was buying, he was buying some hotels ?

I mean, isn’t this planning acquisition malarkey a double edged sword, especially for someone in a sensitive position like the Dunner ?

Not when the board of An Board Pleanala are hand picked by the same crowd that are handpicking the NAMA bosses.

The Bord Pleanala board has already rejected Dunne’s plan for the D4 hotel sites, in it’s entirety,lock and barrel, by a 9-1 vote. If the fix was in, they didn’t get the memo. He currently doesn’t have planning permission to bring a wheelbarrow on those sites, and he’s looking at a 2 year planning cycle before he does. … qqqx=1.asp

Kathleen Barrington is writing about this trend in the Business Post today - as usual, she has some interesting points to make and there is is a separate thread on her article.

She says the statistics show a trend:

She also says

The problem is that any “bumping up” in the value of the land is purely notional i.e. it increases the valuation which will be the baseline for the NAMA haircut, but it does not add to the land’s actual value because the developments which are granted permission will never be built.