'Low Key' galway Developer owes €275m

Never heard of him,

irishtimes.com/newspaper/fin … 55153.html

Developer Considine owes €275m to banks, documents show

just read that link and found it quite nauseating, then Googled him and found this from 2006
archives.tcm.ie/businesspost/200 … y15467.asp
Health Warning - Seriously nauseating.

According to Solocheck.ie, there is a Tom Considine living in Kildare and another in Dublin. No Tom Considine is registered for Galway.

Considine coming under pressure has massive repercussions for all the Galway developers. He’s a big player and has shares in lots of other developments…house of cards etc.

quarter of a friggin billion in credit for a half assed two bit builder

but lets not forget, we cant penalise the banking sector too much else we will lose all this stellar talent which put together these loans …

owed Allied Irish Banks (AIB) €203 million,
Considine’s share of the debts owing to AIB was €76 million, including €47 million owing to the bank on the Naas land deal.

**€45 million owed to Irish Nationwide **on the Millennium Park transaction by the three investors

€73 million in mezzanine finance – an expensive form of short-term borrowings – a **personal loan of €10 million **from Dermot O’Rourke, one of the two vendors who sold the Naas lands, and €21 million in shareholder equity.
The equity component of the deal amounts to just 6.6 per cent

Mr O’Rourke, who is himself being pursued by Bank of Scotland (Ireland) for over €16.5 million,

the State-owned **Anglo Irish Bank is owed €321.9 million **by property partnerships in which Mr Considine is an investor. He owed the bank **€164.3 million of these debts **covering his share of the investments.

The largest exposures to the bank are in relation to **€75.4 million in loans **on property on Blessington Road in Dublin and **loans of €60 million **provided for office blocks in Naas, Co Kildare.

Among the debts to **Anglo is €10.5 million **owing on interest roll-up provided to the partners, of which Mr

Among the other properties is a “hunting lodge” on which Anglo is owed €1.7 million.

**Ulster Bank is owed €5 million **by Mr Considine and his partners, while Bank of Ireland is owed €3.2 million. Smaller sums are owed to KBC Bank and Investec Bank.
The Educational Building Society (EBS) secured judgments against Mr Considine this year,

geniuses i tell you geniuses…
see you guys in the corporate box for the Six Nations , will be late so call me 2 pints of heino, herself is picking up some jimmy choos at BT… low key … soon he will be ‘no key’ Considine.
ah the old alma mater, school tie, rugger bugger, bollix

yawn… Im off to put some manure on the veg beds.

Millenium park. Is that the one on the N7? The one that has one office and a nice lake?

Think so, its Osberstown anyway and nothing else to see around there.

so not the millenium park in blanchardstown then

From the SBP piece above:

I’m presuming this is it? I haven’t driven past it in a while (been using the N6!), but the last time I did there was one lonely office with a great garden!

There has been some movement recently on the Galway development scene.
A crane has moved from the Crown Square site to the Bons hospital development.
At least it’s actually being used there, although I’m sure Crown Square will restart any day now :angry:

So the guy who was selling the land gave him a loan, presumably used as collateral for the purchase of the land. I take it that this type of behaviour is above board, although I have never seen an example of it before. Good work from Dermot though, he can write that off and he has still done well.

These guys seem to think everything will be okay as long as they keep building!!.. this is from March this year, 200 more homes in Oranmore :open_mouth:

galwaynews.ie/6750-eu-protec … evelopment

You mean that there are only 2 of the 3 tower cranes left up there :open_mouth:

Crown Square will never restart …save maybe as an underground prison .

oh dear

Yep one crane down, two to go.
The two look so lonely now all dark and alone, the one at the Bons is all lit up for Christmas.

It’s by the N7 and all you can see is the bridge and one office but there are more offices on the other side of the Millennium park road and out of view from the N7. Horse racing Ireland and the HSE are in there.

Ah, okay. Thanks. It is a nice lake, though…

So he paid roughly €1m per acre for a site outside of Naas.

You can fit two big houses or three small houses or a shedload of apartments into an acre.

So if he was selling 4 bed houses the land value per house would be c. 500k, if they were small 3 beds it would be c. 333k and with apartments, even if he could cram 10 apartments into each acre, it would still cost c. 100k for the land for each.

This is not even in Naas, it is outside of Naas. What sort of selling prices was he expecting to make any sort of profit on these puppies?

What would the land be worth now? maybe 1-2m for agriculture, maybe as much as 10m if it could be used as a stud farm or had a stately home built on it?