Sean Dunne's Ballsbridge site : Planning REJECTED

According to the RTE Radio one News at 10 am.

thats Dunnes fucked then.

he is probably planning to upgrade and invest in the existing hotels

oh, wait…

about fucking time too.

another pickaxe into the head of our disgusting property bubble. there is hope for this country yet.

rte.ie/news/2009/0130/ballsbridge.html

Unclear whether its just the tower or the lot thats been given the thumb down

irishtimes.com/newspaper/bre … king25.htm

thats Seam “I could be considered insolvent” Dunne? I think he can change that to “am” now.

Obviously the banks holding the debt on this site will now immediately update their accounts to reflect the site’s greatly diminished value, and the corresponding greatly worsened valuation ratio on the debt.

And porcine aviation proceeds apace.

does this make him more ‘technically insolvent’ then?

He may need to pick a few more pennies off the floor now.

Confirmation here:

irishtimes.com/newspaper/bre … king25.htm

he could always sell his chess set :wink:

thats him fubared.

another one bites the dust.

500m from Ulster bank. Whats the site worth now? 200m ? 100m? feck all?

Yes if you remove the word technically.

I think this decision is neither here nor there - the site’s “true” value had plummeted irrespective of what might eventually be built on it,

Even had ABP given the go-ahead this morning, who in their right mind was going to lend him one red cent to get the (vanity) project off the ground ?

will be talking about this on the PK show in a few mins

He can still build the scheme without the 37 storey tower.
That means there’d still be a cluster of 18 storey buildings towering over all around.
Now all he has to do is get financing.

What are the implications for the banks? Who did he borrow from…let me guess…Anglo?

Ulster financed the site purchase.

Ulster bank actually.