Cha-Ching! If it drops more than 20%, just walk away!
That involves putting a hell of a lot of faith in the solvency of the Fleming Group, in an environment where developers are going bust in rapidly increasing numbers.
There’s an ad in nthe times for a property with a guarantee to repurchase next year at the same price…
crackers?? why would you sell and guarantee to repurchase next year?
maybe the seller wanted to put all the cash on a high interest deposit!!!
someone who has gained citizenship of a country that ireland has no legal treaties with?
This looks like Fleming realising that there’s no magical First-Time Buyers for their massive blocks of shoeboxes, so they’ve engaged CMC to give a veneer of credibility and sophistication to flogging them to Buy-To-Not-Let investors.
I think I’ve posted on this more than once before, but please forgive me for sounding like a broken record once more:
If ever there was a poster-boy for missing the boat on the property boom, its Fleming Construction and South Central.
They paid a fortune to buy the site from Treasury Holdings, who have a reputation for driving very hard bargains.
Right beside them, Beacon South Quarter has hoovered-up all the canny investors and naive owner-occupiers who were somehow fooled into paying far too much by the South Dublin address and lifestyle marketing
BSQ have now famously mothballed one large block of apartments, while plenty of others have been sold under the Affordable Housing Scheme.
Most people now realise that living in a shoebox in a windswept & traffic-congested industrial estate close to an already overcapacity (and that’s before the extension opens) Luas line ain’t all it was cracked up to be.
So right on cue with a massive credit crunch and property downturn, Fleming Construction get round to completing their massive development of apartments & retail units, along with hi-spec office space in an almost-mandatory “landmark” tower (the Sentinel).
Oh and the bit about repurchasing 5 years down the road? That’s five years of big dividends and salaries that the directors will take out of the company if they manage to pull this stunt off. So what if they end up getting restricted by Paul Appleby and his Office of the Director of Corporate Enforcement when it all blows up? They’ll be sitting pretty in Florida or Portugal by then.
Fleming Construction. Tick, tock, tick ,tock…
Not sure if it’s right to re-open this old thread, but I notice that 5 Thulla is now up for a million quid.
Anyone care to guess what it would cost to finish this off to a liveable post-Tiger standard?
OMG, a Ghost House, needs €500k spent to get it up to ‘standard’ of fitout to be expected. Story on planning permission anyone ???
3 needed retentions > planning.fingalcoco.ie/swiftlg/a … =F12A/0351
4 needed retentions > planning.fingalcoco.ie/swiftlg/a … =F12B/0210 hang on…is that Auctioneer Joe McPeake next door. Oh Dear ???
They went through last year.