Classifieds Advertise Archive Subscriptions Family Announcements Photos Digital Editions/Apps
Connect with us

News

Vulture fund to auction Tuam development

Published

on

Tuam’s attractiveness as a location for property investors will be put under the spotlight next week when a US vulture fund auctions off a large apartment and retail development in the town.

The Lár na Cathrach development at Abbey Trinity will be sold in an Allsop Private internet-only auction next Tuesday, and is going to the market with a reserve price range of €1.2m to €1.3m.

Risali Ltd – an Irish arm of the New York private equity firm Apollo Global Management – purchased the loans of DHB Holdings Ltd in December 2012 from Bank of Scotland (Ireland), and appointed receivers to the property in May 2015.

The fund is now offloading the portfolio at Chapel Lane and Egan Lane.

The portfolio was purchased by the vulture fund at a knock-down price which has not been disclosed – DHB Holdings purchased the property from its subsidiary DH Burke & Son Ltd in January 2003 for just under €1.4 million.

While the sale price for the Lár na Cathrach loans is unknown, it was part of the ‘Project Lane’ loan book of more than 500 properties (owned by a variety of investors/developers), which sold at a 90% discount to Risali Ltd.

The building contains 62 parking spaces in the basement, a total of 13 ground floor retail units (where Lumberjacks Pizza is currently an anchor tenant); part of the first floor commercial space used as a restaurant, and 14 duplex two-bed apartments and six single-storey two-bed apartments on the second and third floors.

The vacant commercial element of the building is finished to shell and core only.

Two of the retail units and the first floor restaurants are leased on short-term tenancies with a cumulative rent of €41,600 per annum, while 19 of the apartments are occupied – including eleven corporate lets to Valeo Vision Systems. The gross residential income is €117,900 per annum.

Bidding in the online auction will commence next Tuesday at 8am, and is scheduled to finish shortly after 9.30am.

Although the price paid by the vulture fund for this particular DHB Holdings portfolio – held against mortgages and securities from Bank of Scotland (Ireland) – is confidential, documents filed with the Companies Registration Office by receivers Eamonn Richardson and Kieran Wallace of KPMG showed an estimated value in 2012 of €5.2 million.

As well as Lár na Cathrach, that DHB portfolio included property at Mellows House and Chapel Lane in Tuam; 15 acres in Milltown; land and premises at Baylough in Athlone; industrial units near Dublin Airport and a three-storey office building in Smithfield, Dublin.

Bank of Scotland (Ireland) moved on the empire owned by Kevin Burke from Tuam and Marie Burke from Dublin in 2012 – at the time, it was one of the biggest property groups in the West of Ireland, but had debts of more than €80 million.

The property empire spanned industrial, hotel, commercial, residential and shopping centre interests in Ireland, the UK, Poland, Sweden and Portugal.

DHB Holdings also owns DHB Construction, DH Burke Sweden AB and D.H. Burke Portugal, as well as controlling shares in Grupo Eko Plus, Limeryk Investments and Amigo Investments in Poland.

DH Burke and Son owns, or has controlling shares, in Bontex Ltd, Fortress Properties Ltd and DH Burke (UK) Ltd.

The empire was founded by the late Progressive Democrat councillor Joe Burke, who was best known as the face of DH Burke Supermarkets, which he sold a number of years before he passed away in 2001.

CITY TRIBUNE

‘Horrific’ conditions at ‘temporary’ halting site

Published

on

Mould and damp around the shower, toilet and sink area in one of the units at the Carrowbrowne temporary halting site beside the Headford Road.
Mould and damp around the shower, toilet and sink area in one of the units at the Carrowbrowne temporary halting site beside the Headford Road. [File pic]

Living conditions at Carrowbrowne ‘temporary’ halting site on the Headford Road are “truly dreadful” and “distressing”, according to four University of Galway academics.

The quartet, who visited the halting site earlier this month, called on the authorities to provide “decent and culturally appropriate accommodation” for the 13 families living at the ‘temporary’ site, “as a matter of urgency”.

The call comes in the same week a former city mayor was sharply criticised for promoting ‘anti-Traveller rhetoric’.

Galway Traveller Movement urged Fianna Fáil to suspend City Councillor Michael John Crowe, pending a full investigation into comments he made in a press statement issued on Monday and repeated on local radio, about Galway City Council buying a house in Renmore for Traveller accommodation.

As that controversy raged on social media this week, Dr John Cunningham, Director of MA History, University of Galway, said he was shocked by the “scandalous” conditions he saw at Carrowbrowne ‘temporary’ halting site.

“I was at an event on campus earlier this year where President Michael D (Higgins) gave a speech and specifically denounced conditions in Carrowbrowne and he would know some of the families, who lived in the Westside area.

“So, I was aware of the circumstances but faced with the actual reality of it was just utterly shocking,” Dr Cunningham told the Galway City Tribune.

For more, read this week’s Galway City Tribune.

Connacht Tribune Digital Edition App

Download the Connacht Tribune Digital Edition App to access to Galway’s best-selling newspaper.

Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

Or purchase the Digital Edition for PC, Mac or Laptop from Pagesuite  HERE.

Get the Connacht Tribune Live app
The Connacht Tribune Live app is the home of everything that is happening in Galway City and county. It’s completely FREE and features all the latest news, sport and information on what’s on in your area. Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

 

Continue Reading

CITY TRIBUNE

Kissing goodbye to hated gates under pilot project

Published

on

It was agreed to start the project with the gates in the Claddagh and Terryland Forest Park.

Kissing gates at South Park and Terryland Forest Park will be removed in a pilot project to assess their impact on public spaces.

Galway City Council has agreed to trial the removal or replacement of kissing gates in the city on a case-by-case basis while waiting for the completion of an audit that will be used to develop a policy on the controversial barriers at Wednesday’s Recreation and Amenity Strategic Policy Committee (SPC) meeting.

The follows anger among the cycling community that the one in South Park had been removed to facilitate a private company fun run only to be returned days later as reported in last week’s Galway City Tribune.

Galway City East Councillor Owen Hanley, who attended the meeting, said it is still to be decided what barriers would be erected in their place and it would depend on the needs of the location.

“Previously I worked with Council staff on the Terryland Forest Park kissing gate along the cyclebus route and we agreed to use chicanes to slow but not stop users,” he revealed.

“Whatever goes in will allow cyclists and wheelchair users to pass. We have been given no timelines but it will be in the short-term and I will be following up on this.”

He said the Council has been discussing how to handle kissing gates since he was elected as a Social Democrat over three years ago.

“The rare instances where mopeds or motorbikes damage our green spaces does not justify the widespread use of kissing gates, in fact many times, kissing gates don’t even stop this behaviour. Kissing gates present a very real barrier to people who use wheelchairs or buggies, or cycle, preventing them for accessing public parks as well as routes to work and school.”

For more, read this week’s Galway City Tribune.

Connacht Tribune Digital Edition App

Download the Connacht Tribune Digital Edition App to access to Galway’s best-selling newspaper.

Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

Or purchase the Digital Edition for PC, Mac or Laptop from Pagesuite  HERE.

Get the Connacht Tribune Live app
The Connacht Tribune Live app is the home of everything that is happening in Galway City and county. It’s completely FREE and features all the latest news, sport and information on what’s on in your area. Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

Continue Reading

CITY TRIBUNE

Abuse and violence towards LGBT+ people is ‘massively under-reported’

Published

on

Fiona McDonagh-Delaney, Project Co-ordinator and Tiernan Arnup, Administration and Communications, Amach LGBT+, Westside Recource Centre. PHOTO: BRIAN HARDING.

Lesbian, gay, bisexual, and transgender (LGBT+) people in Galway continue to suffer verbal abuse, violence, and threats of violence while socialising in the city, according to advocates.

Amach, which supports the local LGBT+ community, said that homophobia and hate crimes persist despite recent legislative gains and societal change in Ireland in recent years.

A new report by An Garda Síochána highlighted that just 17 ‘hate-related incidents’ were recorded in the Galway Garda Division in 2021.

That includes hate crimes and hate-related, non-crime incidents recorded across nine discriminatory motives including age, disability, race, colour, nationality, ethnicity, religion, sexual orientation, and gender.

But Fiona McDonagh-Delaney, project co-coordinator at Amach in the Westside Community Centre, said it was an “incredibly low figure”, that showed “massive under-reporting”.

LGBT+ Ireland reported a four-fold increase in calls to its helpline last year of people experiencing hate crime, based on their LGBT+ status, she said.

Ms McDonagh-Delaney said that was the reality on Galway’s streets too, even if the official Garda figures did not reflect that.

She said there was a “sense of normalisation” of threats of violence and violence itself, based on LGBT+ status. This had become “commonplace” in Galway and LGBT+ people avoided certain areas at weekends because of it.

“We’d know ourselves that on a Friday and Saturday night, you don’t go up around Eyre Square on a night out. You know what areas to avoid because you know you are at high risk of experiencing some form of abuse. Whether it’s verbal abuse, the threat of violence or actual violence,” she said.

For more, read this week’s Galway City Tribune.

Connacht Tribune Digital Edition App

Download the Connacht Tribune Digital Edition App to access to Galway’s best-selling newspaper.

Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

Or purchase the Digital Edition for PC, Mac or Laptop from Pagesuite  HERE.

Get the Connacht Tribune Live app
The Connacht Tribune Live app is the home of everything that is happening in Galway City and county. It’s completely FREE and features all the latest news, sport and information on what’s on in your area. Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

 

 

Continue Reading

Local Ads

Local Ads

Advertisement
Advertisement

Facebook

Advertisement

Trending