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Vulture fund puts receiver in charge of Terryland retail units

Enda Cunningham

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A so-called ‘vulture fund’ has appointed a receiver to three retail units in Terryland Shopping Centre, which were owned by a Mayo-based property company.

Launceston Property Finance Ltd – an investment fund controlled from Luxembourg which purchased tranches of loans from the former Anglo Irish Bank – appointed Tom Kavanagh of Deloitte over certain assets owned by Oriental Handcrafts Ltd (OHL).

Mr Kavanagh has now taken control of Units 1, 2 and 7 in Terryland Shopping Centre, as well as five units in Ballina Shopping Centre, on foot of a IR£570,000 mortgage taken out by OHL with Anglo in 1996.

OHL – which is based in Westport – is headed-up by Mary Conway and her sons Edward and John, who both have addresses in Dublin.

According to the most recently available account (for the year ending December 2014), the company had a deficiency in funds of almost €1 million. Launceston Property was owed more than €3.4m at the end of 2014, and the OHL directors noted there was a “material uncertainty” over the future of the company.

“The directors are in discussions with [Launceston] to formulate a business plan to reduce bank debts and/or refinance the loan facilities at a sustainable repayment level going forward. The directors have been unable to ascertain from Launceston if there will be any form of permanent financial support in the future.

“Should the outcome of discussions be detrimental, the implications for the company are that it may be unable to realise its assets and discharge its liabilities in the normal course of business.”

CITY TRIBUNE

Galway City publican in heroic River Corrib rescue

Francis Farragher

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From this week’s Galway City Tribune – A city publican who last week helped save the life of a woman who had entered the waters of the Corrib off Wolfe Tone Bridge has made an appeal for young people to ‘look out for each other’.

Fergus McGinn, proprietor of McGinn’s Hop House in Woodquay, had been walking close to Jury’s Inn when he saw the young woman enter the river.

He then rushed to the riverbank on the Long Walk side of the bridge, jumped into the water, spoke to the woman and stayed with her until the emergency services arrived.

The incident occurred at about 3.45pm on Friday last, and a short time later the emergency services were on the scene to safely rescue the woman.

“She was lucky in that the river level was very low and she didn’t injure herself on the rocks and stones just under the water.”

He also appealed to the public to support in whatever they could the work being done by groups like the Claddagh Watch volunteers.
This is a shortened preview version of this article. To read the rest of the story, see this week’s Galway City Tribune. You can buy a digital edition HERE.

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CITY TRIBUNE

Pubs face court – for serving booze on their doorsteps!

Dara Bradley

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From this week’s Galway City Tribune – Gardaí have warned city publicans that alcohol cannot be served outside their own premises – even in newly-created on-street spaces designated by Galway City Council as suitable for outdoor dining.

Councillor Mike Crowe (FF) said three Gardaí visited a number of city centre pubs on Thursday afternoon informing them that drinking outdoors was not allowed under licensing laws.

“They warned publicans and restaurants that the area outside their premises is not covered by the licence, and therefore under national legislation, they are breaking the law, because they are not entitled to sell alcohol in non-licensed areas.

“The operators were told that this was an official warning, and they will be back again in a few days and if it persisted, they [Gardaí] would have no option but to issue a charge and forward files to the Director of Public Prosecution. You could not make this up.

“All of the big operators were visited, and received an official warning, and they will be charged if they persist. According to the guards, they’re getting instructions from [Garda headquarters in] Phoenix Park,” he said.

The matter will be raised at a meeting of the Galway City Joint Policing Committee on Monday.
This is a shortened preview version of this article. To read the rest of the story, see this week’s Galway City Tribune. You can buy a digital edition HERE.

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CITY TRIBUNE

Call for 50% affordable homes in new Galway City Council estates

Stephen Corrigan

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From this week’s Galway City Tribune – The next Galway City Development Plan should include a greater provision for affordable housing than that recommended by Government, a meeting of the City Council has heard.

Cllr Declan McDonnell (Ind) told the meeting that while it was the Government’s intention to introduce a stipulation that new estates should have 10% affordable housing, Galway should go further – building anything up to 50% affordable in developments that are led by the local authority.

The Affordable Housing Bill, which is currently working its way through the Oireachtas, proposes that all developments should have 10% affordable and 10% social housing as a condition of their approval.

Affordable housing schemes help lower-income households buy their own houses or apartments in new developments at significantly less than their open market value, while social housing is provided by local authorities and housing agencies to those who cannot afford their own accommodation.

The Council meeting, part of the pre-draft stage of forming the Development Plan to run from 2023 to 2029, was to examine the overarching strategies that will inform the draft plan to come before councillors by the end of the year and Cllr McDonnell said a more ambitious target for affordable housing was absolutely necessary.

“It must be included that at least 50% of housing must be affordable [in social housing developments],” he said.

This sentiment was echoed by Cllr Eddie Hoare (FG) who questioned if the City Council was ‘tied down’ by national guidelines, or if it could increase the minimum percentage of affordable housing required locally.
This is a shortened preview version of this article. To read the rest of the story, see this week’s Galway City Tribune. You can buy a digital edition HERE.

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