PROPOSALS FOR a €300 million supercasino on the banks of the river Liffey have been submitted by Treasury Holdings to the Department of Justice.
Treasury says its Spencer Dock site near Dublin port is an “ideal location” for the construction of a large-scale casino as part of a regeneration of the area.
It claims the development could attract three million visitors a year and create 2,200 new jobs in the Dublin region. The venture could boost spending in the local economy by €75 million a year and generate more than €40 million a year in gaming taxes.
Details of Treasury’s plans are contained in a submission to the department, which The Irish Times has obtained under freedom of information legislation. Treasury, whose loans are in Nama, filed the submission together with an international casino operator.
The name of this company has been withheld on the documents released on grounds of commercial sensitivity.
According to the submission, a large-scale casino, including hotel, convention and spa facilities, along with restaurants, pubs, nightclubs and a bowling alley, would be 50,000-75,000sq m in size and would cost between €250 million and €300 million.
Last December, former minister for justice Dermot Ahern, published proposals that would allow a single “resort” casino with multiple gaming tables and up to 1,500 slot machines. The new Government has yet to pronounce on the issue, but an application for a large-scale casino resort in Co Tipperary is the subject of a Bord Pleanála hearing.
Treasury’s submission is one of almost 70 made to the minister last year as part of a consultation process. Up to now, Mr Ahern’s department had refused to sanction the release of these submissions. It was drawn up before Treasury opened the national convention centre on the Spencer Dock site last September.
It says that for a large-scale casino to be financially viable, there must be sufficient demand. “This generally means locating the casino resort in or near population centres where it is easily accessible by local customers and tourists.”
The failure of the UK to legislate for larger regional casino resorts makes it likely any Irish venture would attract visitors from the UK and mainland Europe, Treasury argues. It says its international partners would give priority to local people in recruitment and would “seek out the economically inactive, minorities and young people, to the extent permissible under law”.
The submission claims the development would employ 1,750 people as well as creating 450 jobs in tourism. About 2,000 jobs in construction would be created over a 2½-year period.
The submission includes a section on “myths”, in which the promoters claim much research on gambling is biased. It rejects the contention that problem gambling will rise with the introduction of large-scale casinos.
Irish Times
www.buckplanning.ie
Showing posts with label treasury holdings. Show all posts
Showing posts with label treasury holdings. Show all posts
Tuesday, 22 March 2011
Sunday, 15 February 2009
Treasury Holdings set to take case against Crosbie
Treasury Holdings is seeking to take a commercial court case against businessman Harry Crosbie in a dispute that is believed to be related to the Spencer Dock development on Dublin's north quays.
Crosbie and Treasury Holdings both own land there that is being developed as a joint venture.
Treasury Holdings refused to comment on the issue and a spokesman for Crosbie said the businessman also had no comment to make.
Richard Barrett, who owns Treasury Holdings with business partner Johnny Ronan, lodged an affidavit last week in relation to the case.
Last week, the Spencer Dock Development Company, owned by Treasury
Holdings and Crosbie, received planning permission for an eight-storey office building. It is also currently seeking to develop an 11-storey office building with shops on the ground floor.
Crosbie is currently constructing an €850m shopping centre near Spencer Dock. He recently took a legal action against Dunnes Stores, claiming he had not been paid for construction work on their store there.
Sunday Tribune
www.buckplanning.ie
Crosbie and Treasury Holdings both own land there that is being developed as a joint venture.
Treasury Holdings refused to comment on the issue and a spokesman for Crosbie said the businessman also had no comment to make.
Richard Barrett, who owns Treasury Holdings with business partner Johnny Ronan, lodged an affidavit last week in relation to the case.
Last week, the Spencer Dock Development Company, owned by Treasury
Holdings and Crosbie, received planning permission for an eight-storey office building. It is also currently seeking to develop an 11-storey office building with shops on the ground floor.
Crosbie is currently constructing an €850m shopping centre near Spencer Dock. He recently took a legal action against Dunnes Stores, claiming he had not been paid for construction work on their store there.
Sunday Tribune
www.buckplanning.ie
Saturday, 20 December 2008
€800m project gets green light
INTERNATIONAL property company Treasury Holdings was yesterday granted planning permission to develop the €800m Spring Cross Ballymun Town Centre.
Construction on the final piece of Dublin's Ballymun Regeneration programme will start in the new year and will create 2,000 jobs. It is expected that 8,500 direct and indirect jobs will be created once the project is complete in 2012.
Irish Independent
www.buckplanning.ie
Construction on the final piece of Dublin's Ballymun Regeneration programme will start in the new year and will create 2,000 jobs. It is expected that 8,500 direct and indirect jobs will be created once the project is complete in 2012.
Irish Independent
www.buckplanning.ie
Wednesday, 10 December 2008
€80m town revamp gets green light after 13 years
A TOWN centre is to finally get an €80m revamp after years of difficult negotiations.
An Bord Pleanala has given the go-ahead to Ireland's largest developer, Treasury Holdings, to develop a retail scheme in Sligo Town Centre, first mooted 13 years ago.
The development at Wine Street Car park, comprising of 30 shops, 1,000 car parking spaces, 27 offices and 30,000 square feet of office space will form the final piece of a €250m centre-block master plan by the local authority to revive the town centre.
Planning permission had already been granted for the redevelopment of a nearby site on Adelaide Street.
Last night, Sligo Mayor, Veronica Cawley (Lab) described the decision as vital for the enhancement of the shopping experience in the gateway town.
"We have gone through a lot to get it to this stage. At this point, it is vital to see the centre of town developed. We have put our trust in Treasury Holdings and hopefully they will put their trust in the people of Sligo with an early start date," she said.
Anita Guidera
Irish Independent
www.buckplanning.ie
An Bord Pleanala has given the go-ahead to Ireland's largest developer, Treasury Holdings, to develop a retail scheme in Sligo Town Centre, first mooted 13 years ago.
The development at Wine Street Car park, comprising of 30 shops, 1,000 car parking spaces, 27 offices and 30,000 square feet of office space will form the final piece of a €250m centre-block master plan by the local authority to revive the town centre.
Planning permission had already been granted for the redevelopment of a nearby site on Adelaide Street.
Last night, Sligo Mayor, Veronica Cawley (Lab) described the decision as vital for the enhancement of the shopping experience in the gateway town.
"We have gone through a lot to get it to this stage. At this point, it is vital to see the centre of town developed. We have put our trust in Treasury Holdings and hopefully they will put their trust in the people of Sligo with an early start date," she said.
Anita Guidera
Irish Independent
www.buckplanning.ie
Tuesday, 7 October 2008
€250m tourism plan for Boyne Valley
PLANS BY Treasury Holdings for a €250 million development in the Boyne Valley, including tourism facilities and housing, were outlined yesterday to councillors in Co Louth.
Dermot Dwyer of Treasury Holdings told councillors it wanted to develop "an integrated tourism-driven site" which would bring together the elements needed "to make the Boyne Valley not just a day visitor attraction but somewhere people would stay".
Treasury Holdings is also the developer of a planned national conference centre in Spencer Dock, Dublin.
The development outlined yesterday would be located on a site adjacent to the M1 interchange at the Boyne cable bridge in Co Louth.
The project, on a 70-acre site spread over four pockets of land in Tullyallen, includes:
• holiday cottages in addition to 368 houses and apartments;
• a 3,000-sq m visitor centre;
• a mini-landscape of the Boyne Valley;
• a design centre focusing on the Boyne Valley;
• a four-star hotel and spa;
• designer gardens, an activity centre and botanic gardens.
A landmark attraction such as a tethered balloon on the site which would rise to 150m and provide a bird's eye view of the Boyne Valley is also proposed.
Outlining the details to councillors yesterday, Ralph Bingham of Murray O'Laoire architects said it would be similar to the €200 million development by Treasury Holdings of the five-star Ritz-Carlton hotel at Powerscourt in Co Wicklow.
A planning application for 368 houses, which forms the first phase of the mixed-use development, is to be lodged in the coming weeks.
The houses would be on a single site to the east of the cable bridge.
Asked by Cllr Jimmy Mulroy (FF) if there was any guarantee "that once you have built the 368 houses" the rest of the plans would proceed in light of the current economic climate, Mr Dwyer replied: "There is no guarantee."
However, he said from a developers' perspective "housing development is not what Treasury Holdings does; we are not speculative housing developers, we deal with large sites with mixed integrated uses. There is no guarantee it is part of a master plan."
He said the Boyne Valley site was one of a number of large sites the company was involved with in Ireland, and it took "a long-term view".
He said it had been involved in the site since 1999, but the area was not zoned for development until 2004. The project was a joint venture with the landowner.
Mr Dwyer said the development would create "several hundred permanent and sustainable jobs", and referred to the Powerscourt development where there were 250 people employed in the hotel and up to 150 in the retail and garden end.
An economic impact study and assessment will form part of the planning application for the lands.
The Irish Times
www.buckplanning.ie
Dermot Dwyer of Treasury Holdings told councillors it wanted to develop "an integrated tourism-driven site" which would bring together the elements needed "to make the Boyne Valley not just a day visitor attraction but somewhere people would stay".
Treasury Holdings is also the developer of a planned national conference centre in Spencer Dock, Dublin.
The development outlined yesterday would be located on a site adjacent to the M1 interchange at the Boyne cable bridge in Co Louth.
The project, on a 70-acre site spread over four pockets of land in Tullyallen, includes:
• holiday cottages in addition to 368 houses and apartments;
• a 3,000-sq m visitor centre;
• a mini-landscape of the Boyne Valley;
• a design centre focusing on the Boyne Valley;
• a four-star hotel and spa;
• designer gardens, an activity centre and botanic gardens.
A landmark attraction such as a tethered balloon on the site which would rise to 150m and provide a bird's eye view of the Boyne Valley is also proposed.
Outlining the details to councillors yesterday, Ralph Bingham of Murray O'Laoire architects said it would be similar to the €200 million development by Treasury Holdings of the five-star Ritz-Carlton hotel at Powerscourt in Co Wicklow.
A planning application for 368 houses, which forms the first phase of the mixed-use development, is to be lodged in the coming weeks.
The houses would be on a single site to the east of the cable bridge.
Asked by Cllr Jimmy Mulroy (FF) if there was any guarantee "that once you have built the 368 houses" the rest of the plans would proceed in light of the current economic climate, Mr Dwyer replied: "There is no guarantee."
However, he said from a developers' perspective "housing development is not what Treasury Holdings does; we are not speculative housing developers, we deal with large sites with mixed integrated uses. There is no guarantee it is part of a master plan."
He said the Boyne Valley site was one of a number of large sites the company was involved with in Ireland, and it took "a long-term view".
He said it had been involved in the site since 1999, but the area was not zoned for development until 2004. The project was a joint venture with the landowner.
Mr Dwyer said the development would create "several hundred permanent and sustainable jobs", and referred to the Powerscourt development where there were 250 people employed in the hotel and up to 150 in the retail and garden end.
An economic impact study and assessment will form part of the planning application for the lands.
The Irish Times
www.buckplanning.ie
Tuesday, 19 August 2008
Desmond turns sights on hotel in battle over high-rises
BILLIONAIRE businessman Dermot Desmond has launched another broadside against developers who plan to build high-rise buildings in the capital.
His latest target is Treasury Holdings, which plans to build a 152-metre hotel of 35 storeys in the Dublin Docklands.
It is the third appeal against a high-rise building submitted by Mr Desmond since the proposed developments sought planning approval.
He has also asked An Bord Pleanala to refuse permission for developer Sean Dunne's plans for a 37-storey block on the Jurys/Berkeley Court site in Ballsbridge, and objected to another plan by developer Ray Grehan for a 15-storey tower on the former UCD veterinary school site, describing it as an "incongruous spike".
The financier also accused Mr Grehan of being concerned with "the maximisation of profit". He levelled a similar charge at Mr Dunne, with a submission to An Bord Pleanala saying the design of the Ballsbridge scheme was "reflective of the need to maximise the commercial development of the site".
Submission
And, in a submission to Dublin City Council, Mr Desmond uses the same terminology to object to the development of a hotel beside the National Conference Centre at Spencer Dock.
He says the plan is "completely incongruous" -- a similar description in his appeal against plans by Glenkerrin Homes -- and warns against allowing "the desired financial return of any developer to be a valid planning consideration".
The submission claims that the planning application is out of context with the surrounding buildings on the river front which will be "dwarfed" and will impact on the IFSC.
"A building of this kind, if permitted, would explode all the good planning principles in the area," he says.
He notes that Dublin City Council is conducting a study on maximum permitted heights of buildings in the city, and says it would be "entirely premature" to grant planning permission until the study is complete.
"To permit this development in the absence of such a study would be to engage in an ad hoc approach to tall buildings and, of course, would undermine the planned approach to tall buildings and the identification of appropriate sites for their selection," he adds
The council is expected to decide this week if the Treasury scheme will be approved.
Paul Melia
Irish Independent
www.buckplanning.ie
His latest target is Treasury Holdings, which plans to build a 152-metre hotel of 35 storeys in the Dublin Docklands.
It is the third appeal against a high-rise building submitted by Mr Desmond since the proposed developments sought planning approval.
He has also asked An Bord Pleanala to refuse permission for developer Sean Dunne's plans for a 37-storey block on the Jurys/Berkeley Court site in Ballsbridge, and objected to another plan by developer Ray Grehan for a 15-storey tower on the former UCD veterinary school site, describing it as an "incongruous spike".
The financier also accused Mr Grehan of being concerned with "the maximisation of profit". He levelled a similar charge at Mr Dunne, with a submission to An Bord Pleanala saying the design of the Ballsbridge scheme was "reflective of the need to maximise the commercial development of the site".
Submission
And, in a submission to Dublin City Council, Mr Desmond uses the same terminology to object to the development of a hotel beside the National Conference Centre at Spencer Dock.
He says the plan is "completely incongruous" -- a similar description in his appeal against plans by Glenkerrin Homes -- and warns against allowing "the desired financial return of any developer to be a valid planning consideration".
The submission claims that the planning application is out of context with the surrounding buildings on the river front which will be "dwarfed" and will impact on the IFSC.
"A building of this kind, if permitted, would explode all the good planning principles in the area," he says.
He notes that Dublin City Council is conducting a study on maximum permitted heights of buildings in the city, and says it would be "entirely premature" to grant planning permission until the study is complete.
"To permit this development in the absence of such a study would be to engage in an ad hoc approach to tall buildings and, of course, would undermine the planned approach to tall buildings and the identification of appropriate sites for their selection," he adds
The council is expected to decide this week if the Treasury scheme will be approved.
Paul Melia
Irish Independent
www.buckplanning.ie
Sunday, 13 July 2008
Ronan's plan for Fitzwilliam
Treasury Holdings developer Johnny Ronan is seeking planning permission from Dublin City Council to refurbish 65 Fitzwilliam Square North, Dublin 2. As well as work to the roof and external façade, he is looking to restore the original windows and repair the plasterwork and planning to install a new kitchen.
Last year Ronan caused a stir when it emerged that he bought the freehold to Fitzwilliam Square. Residents were concerned that he would build an underground car park beneath the square's communal gardens. Ronan denied having any plans for a car park but said he wanted to enhance the park and improve its layout.
Irish Times
www.buckplanning.ie
Last year Ronan caused a stir when it emerged that he bought the freehold to Fitzwilliam Square. Residents were concerned that he would build an underground car park beneath the square's communal gardens. Ronan denied having any plans for a car park but said he wanted to enhance the park and improve its layout.
Irish Times
www.buckplanning.ie
Thursday, 22 May 2008
Treasury to build north Dublin golf resort
Construction is set to begin next January on a €300 million mixed-use scheme that will include 50 houses, a hotel and two golf courses, writes GRETCHEN FRIEMANN .
TREASURY HOLDINGS is in talks with two five-star hotel operators over the management of its planned 300-bedroom 'green' hotel at Milverton Demesne in North County Dublin.
Last week, Fingal County Council granted full planning permission for the €300 million mixed-use scheme which, in addition to the hotel, will feature two 18-hole Arnold Palmer-designed golf courses, 50 houses, a tennis academy and stables.
Construction at the 467-acre site will begin next January with the completion set for the start of 2013.
Treasury Holdings and its joint partner in this venture, businessman and Malahide-based estate agent Brian O'Farrell, are using a company called Tamorbrick Ltd as a vehicle to develop the historic Milverton Demesne, which is located close to the M1 motorway and is within a 20-minute drive of Dublin airport.
The two partners recently locked horns when a dispute over the freehold interest of Northside shopping centre in Coolock wound up in the High Court.
An AIB trust company, BNY, and Ark Life Assurance Company brought the action against Treasury Holdings after it objected to a proposed €64 million deal with Mr O'Farrell's company, N1 Property Holdings.
BNY and Ark Life wanted to sell their majority stake to N1, but Treasury Holdings claimed that this move would breach a co-ownership agreement.
The international development company had a 21.4 per cent share in the property through its acquisition of Mr Peter Conlon's interest.
Although Mr Justice Frank Clarke ruled in favour of Treasury Holdings, the dispute was recently settled when N1 agreed to pay €100 million for the freehold and remaining leasehold interest.
Despite the steep price tag, Northside Shopping Centre represents a strategic purchase for Mr O'Farrell as it lies at the heart of his €1.2 billion plan to transform the previously neglected area into a new town centre.
Milverton Demesne, however, will be a very different development.
Aimed at the luxury end of the tourism and residential market, the estate will feature 30 upmarket homes and 20 tourist lodges, to be run by the five-star hotel operator.
Treasury Holdings is a seasoned player in this sector, having developed the Ritz Carlton Hotel at Powerscourt in Enniskerry, Co Wicklow.
The Milverton Demesne hotel will be even greater in scale, with 300 bedrooms and a conference centre - as well as a spa and health centre.
At this size the resort will be one of the largest in the state, but Brian Coppinger, the company's development manager, stressed that the scheme would have a minimal impact on wildlife and the environment.
"We've really followed eco-friendly design principles on this site, so the hotel will be constructed from carbon neutral concrete and it will be heated throughout by bio-mass boilers. We will also have a water recycling scheme where the grey water from the hotel will be pumped to the two golf courses as irrigation," he said.
While the development sector is largely short on green credentials, Treasury Holdings has, in recent years, adopted an increasingly environmentally friendly business strategy with construction underway on its €1.2 billion eco-city just north of China's financial capital, Shanghai. And there are reports that a similar project might be on the cards for Colombia.
But closer to home, the concern for Treasury Holdings and Mr O'Farrell might be the continuing upheaval on global money markets, which has played havoc with Irish property prices.
According to Mr Coppinger, this economic squeeze is likely to be resolved by the time the scheme is completed in 2013 and the "exclusive" three, four and five-bedroom homes are put on the market. "If they haven't, we're going to have much bigger worries on our hands than Milverton."
Henry J Lyons, the architecture firm responsible for Treasury Holdings' swish head office, Connaught House, at Burlington Road in Dublin, is designing the scheme, which was recently enlarged by 30 acres to accommodate the two 18-hole golf courses.
The Arnold Palmer-designed premier course will require club membership while his signature course will operate a pay and play policy. Both will be available to hotel guests.
Irish Times
www.buckplanning.ie
TREASURY HOLDINGS is in talks with two five-star hotel operators over the management of its planned 300-bedroom 'green' hotel at Milverton Demesne in North County Dublin.
Last week, Fingal County Council granted full planning permission for the €300 million mixed-use scheme which, in addition to the hotel, will feature two 18-hole Arnold Palmer-designed golf courses, 50 houses, a tennis academy and stables.
Construction at the 467-acre site will begin next January with the completion set for the start of 2013.
Treasury Holdings and its joint partner in this venture, businessman and Malahide-based estate agent Brian O'Farrell, are using a company called Tamorbrick Ltd as a vehicle to develop the historic Milverton Demesne, which is located close to the M1 motorway and is within a 20-minute drive of Dublin airport.
The two partners recently locked horns when a dispute over the freehold interest of Northside shopping centre in Coolock wound up in the High Court.
An AIB trust company, BNY, and Ark Life Assurance Company brought the action against Treasury Holdings after it objected to a proposed €64 million deal with Mr O'Farrell's company, N1 Property Holdings.
BNY and Ark Life wanted to sell their majority stake to N1, but Treasury Holdings claimed that this move would breach a co-ownership agreement.
The international development company had a 21.4 per cent share in the property through its acquisition of Mr Peter Conlon's interest.
Although Mr Justice Frank Clarke ruled in favour of Treasury Holdings, the dispute was recently settled when N1 agreed to pay €100 million for the freehold and remaining leasehold interest.
Despite the steep price tag, Northside Shopping Centre represents a strategic purchase for Mr O'Farrell as it lies at the heart of his €1.2 billion plan to transform the previously neglected area into a new town centre.
Milverton Demesne, however, will be a very different development.
Aimed at the luxury end of the tourism and residential market, the estate will feature 30 upmarket homes and 20 tourist lodges, to be run by the five-star hotel operator.
Treasury Holdings is a seasoned player in this sector, having developed the Ritz Carlton Hotel at Powerscourt in Enniskerry, Co Wicklow.
The Milverton Demesne hotel will be even greater in scale, with 300 bedrooms and a conference centre - as well as a spa and health centre.
At this size the resort will be one of the largest in the state, but Brian Coppinger, the company's development manager, stressed that the scheme would have a minimal impact on wildlife and the environment.
"We've really followed eco-friendly design principles on this site, so the hotel will be constructed from carbon neutral concrete and it will be heated throughout by bio-mass boilers. We will also have a water recycling scheme where the grey water from the hotel will be pumped to the two golf courses as irrigation," he said.
While the development sector is largely short on green credentials, Treasury Holdings has, in recent years, adopted an increasingly environmentally friendly business strategy with construction underway on its €1.2 billion eco-city just north of China's financial capital, Shanghai. And there are reports that a similar project might be on the cards for Colombia.
But closer to home, the concern for Treasury Holdings and Mr O'Farrell might be the continuing upheaval on global money markets, which has played havoc with Irish property prices.
According to Mr Coppinger, this economic squeeze is likely to be resolved by the time the scheme is completed in 2013 and the "exclusive" three, four and five-bedroom homes are put on the market. "If they haven't, we're going to have much bigger worries on our hands than Milverton."
Henry J Lyons, the architecture firm responsible for Treasury Holdings' swish head office, Connaught House, at Burlington Road in Dublin, is designing the scheme, which was recently enlarged by 30 acres to accommodate the two 18-hole golf courses.
The Arnold Palmer-designed premier course will require club membership while his signature course will operate a pay and play policy. Both will be available to hotel guests.
Irish Times
www.buckplanning.ie
Wednesday, 7 May 2008
Developer pays €100m to end dispute
The €1.2 billion redevelopment of the Northside shopping centre is now likely to get underway following the resolution of an ownership dispute, writes Gretchen Friemann
BRIAN O'FARRELL, the businessman behind the €1.2 billion proposal to develop a "Northside Town Centre", has shelled out €100 million to Treasury Holdings and AIB Investment Managers to resolve a legal dispute over the ownership of the Northside shopping centre in Coolock.
Last year the bank took a High Court action against Treasury Holdings accusing the property firm of "spoiling" a proposed €64 million sale of its majority stake in the centre.
It was alleged that Treasury Holdings was offering AIB's co-owner of the shopping centre, Peter Conlon, a greater amount for his 10 per cent share than the bank had agreed to accept from O'Farrell's company, N1 Property Holdings.
In total N1 had agreed to pay AIB €81.75 million, of which Conlon would receive €17.5 million, while the bank would net €64.25 million. However Treasury Holdings' higher offer to the minority shareholder stalled the transaction, triggering AIB's legal dispute.
It is understood that of the €100 million out-of-court settlement, AIB received €64.25 million while the remainder was split between Treasury Holdings and Conlon.
The recently completed deal means O'Farrell has full control of the shopping centre: a strategic necessity if his plans for the reconstruction of a 65-acre area, widely known as Cromcastle, into a new town centre are to prove successful.
Last Friday, one hurdle was removed after Dublin City Council granted planning permission for the scheme, which will see the 37-year-old Northside shopping centre demolished and replaced by a massive 63,728sq m (685,962sq ft) shopping mall, making it one of the largest retail centres north of the Liffey.
The local authority has given N1, a wholly owned subsidiary of O'Farrell's holding company Headland Holdings, 10 years to complete the "Northside Town Centre".
Designed by architects Murray O'Laoire, the project will reshape an entire community, replacing tracts of bleak housing estates with residential developments constructed around riverside parkland. In addition to the new shopping mall, the town centre itself will feature a new streetscape, two civic plazas, a 16-storey office block and a leisure centre and swimming pool in the one building.
Dublin City Council has also committed €23 million to the development and it is expected that money will be used to relocate retailers and residents.
Under phase one of the scheme, 128 homes will be demolished, as will the Coolock Health Centre and its adjacent industrial and retail warehouse units.
A spokesman for N1 said if no objections are lodged to An Bord Pleanála, the shopping mall, civic plazas, 940 residential units, two-storey leisure centre, crèche, library, community centre and pigeon club should all be completed by the start of 2012.
In phase two, the old Northside shopping centre site will be replaced by the new office block, a pedestrianised high street, cinemas, restaurants, another crèche and 400 additional residential units. Major infrastructural changes are also planned with the realignment of key road routes.
Three years ago, when The Irish Times first reported O'Farrell's ambitious scheme, the budget was set at €200 million. Since then that figure has mushroomed to €1.2 billion.
Anglo Irish Bank has agreed to finance the project, however it is understood the debt may be syndicated amongst other financial institutions.
According to one well-placed source, Anglo Irish Bank is "fully committed" to the project despite the economic downturn and the ongoing turmoil across global money markets.
Such confidence may be partly attributable to Dublin City Council's unwavering support. The local authority first identified Cromcastle as an area in need of regeneration in its 2005-2011 development plan, where it stipulated the need to create a higher density, mixed-use urban centre, with a vibrant and animated town centre, and good quality civic and urban spaces.
Dublin City Council owns around 19 acres of the site and has worked alongside N1 in the formation of the area's master plan.
Yet despite the commitment of the local authority, O'Farrell's plans to construct a retail centre that will provide a counterbalance to Blanchardstown come at a time when industry experts are warning of an oversupply in the market, particularly in the greater Dublin region.
But Larry Brennan of Savills HOK, the agency responsible for the retail element of the "Northside Town Centre", points out that the existing shopping centre already has a loyal customer base and he predicts the 80,000 people who visit it every week will double in number once the new mall is constructed.
He says the retail mix won't rival the city centre, because "that is really a destination shop for people, who plan it in advance. We want 'Northside Town Centre' to be a place people visit four times a week, not four times a month. And the layout of this development, with the new pedestrian access, the new roads and the ample car-parking will make that possible."
Dunnes and Superquinn are the two anchor retailers at the existing Northside shopping centre.
However, it is expected that both supermarkets will relocate to the new mall, with one source speculating that Dunnes would open a flagship store, offering its food, clothes and homeware ranges, as a rival to Tesco's nearby Clare Hall outlet.
New Look, the UK fashion chain, opened its first Irish outlet at Northside, and the shop remains one of the brand's most profitable in Ireland, making it highly likely the retailer will also relocate to the new development across the road.
But while Brennan claims the "cost-efficient" 279sq m (3,000sq ft) to 465sq m (5,000sq ft) units will attract modern fashion retailers, it may prove difficult to bag the big names, like HM and Zara, as both those chains will be represented in developer Joe O'Reilly's Pavilions centre in Swords as well as in Henry Street.
O'Farrell, who also owns the estate agency O'Farrell Cleere, bought his initial 50 per cent stake in Northside shopping centre in 2004 for around €40 million. He also owns the Northside Retail Park, bringing his personal landholding in the "Northside Town Centre" plan to 23 acres.
In addition to a number of developments underway in Poland, O'Farrell is also a shareholder in the 437-acre Milverton Demesne site in Skerries with Richard Barrett and John Ronan of Treasury Holdings.
Irish Times
www.buckplanning.ie
BRIAN O'FARRELL, the businessman behind the €1.2 billion proposal to develop a "Northside Town Centre", has shelled out €100 million to Treasury Holdings and AIB Investment Managers to resolve a legal dispute over the ownership of the Northside shopping centre in Coolock.
Last year the bank took a High Court action against Treasury Holdings accusing the property firm of "spoiling" a proposed €64 million sale of its majority stake in the centre.
It was alleged that Treasury Holdings was offering AIB's co-owner of the shopping centre, Peter Conlon, a greater amount for his 10 per cent share than the bank had agreed to accept from O'Farrell's company, N1 Property Holdings.
In total N1 had agreed to pay AIB €81.75 million, of which Conlon would receive €17.5 million, while the bank would net €64.25 million. However Treasury Holdings' higher offer to the minority shareholder stalled the transaction, triggering AIB's legal dispute.
It is understood that of the €100 million out-of-court settlement, AIB received €64.25 million while the remainder was split between Treasury Holdings and Conlon.
The recently completed deal means O'Farrell has full control of the shopping centre: a strategic necessity if his plans for the reconstruction of a 65-acre area, widely known as Cromcastle, into a new town centre are to prove successful.
Last Friday, one hurdle was removed after Dublin City Council granted planning permission for the scheme, which will see the 37-year-old Northside shopping centre demolished and replaced by a massive 63,728sq m (685,962sq ft) shopping mall, making it one of the largest retail centres north of the Liffey.
The local authority has given N1, a wholly owned subsidiary of O'Farrell's holding company Headland Holdings, 10 years to complete the "Northside Town Centre".
Designed by architects Murray O'Laoire, the project will reshape an entire community, replacing tracts of bleak housing estates with residential developments constructed around riverside parkland. In addition to the new shopping mall, the town centre itself will feature a new streetscape, two civic plazas, a 16-storey office block and a leisure centre and swimming pool in the one building.
Dublin City Council has also committed €23 million to the development and it is expected that money will be used to relocate retailers and residents.
Under phase one of the scheme, 128 homes will be demolished, as will the Coolock Health Centre and its adjacent industrial and retail warehouse units.
A spokesman for N1 said if no objections are lodged to An Bord Pleanála, the shopping mall, civic plazas, 940 residential units, two-storey leisure centre, crèche, library, community centre and pigeon club should all be completed by the start of 2012.
In phase two, the old Northside shopping centre site will be replaced by the new office block, a pedestrianised high street, cinemas, restaurants, another crèche and 400 additional residential units. Major infrastructural changes are also planned with the realignment of key road routes.
Three years ago, when The Irish Times first reported O'Farrell's ambitious scheme, the budget was set at €200 million. Since then that figure has mushroomed to €1.2 billion.
Anglo Irish Bank has agreed to finance the project, however it is understood the debt may be syndicated amongst other financial institutions.
According to one well-placed source, Anglo Irish Bank is "fully committed" to the project despite the economic downturn and the ongoing turmoil across global money markets.
Such confidence may be partly attributable to Dublin City Council's unwavering support. The local authority first identified Cromcastle as an area in need of regeneration in its 2005-2011 development plan, where it stipulated the need to create a higher density, mixed-use urban centre, with a vibrant and animated town centre, and good quality civic and urban spaces.
Dublin City Council owns around 19 acres of the site and has worked alongside N1 in the formation of the area's master plan.
Yet despite the commitment of the local authority, O'Farrell's plans to construct a retail centre that will provide a counterbalance to Blanchardstown come at a time when industry experts are warning of an oversupply in the market, particularly in the greater Dublin region.
But Larry Brennan of Savills HOK, the agency responsible for the retail element of the "Northside Town Centre", points out that the existing shopping centre already has a loyal customer base and he predicts the 80,000 people who visit it every week will double in number once the new mall is constructed.
He says the retail mix won't rival the city centre, because "that is really a destination shop for people, who plan it in advance. We want 'Northside Town Centre' to be a place people visit four times a week, not four times a month. And the layout of this development, with the new pedestrian access, the new roads and the ample car-parking will make that possible."
Dunnes and Superquinn are the two anchor retailers at the existing Northside shopping centre.
However, it is expected that both supermarkets will relocate to the new mall, with one source speculating that Dunnes would open a flagship store, offering its food, clothes and homeware ranges, as a rival to Tesco's nearby Clare Hall outlet.
New Look, the UK fashion chain, opened its first Irish outlet at Northside, and the shop remains one of the brand's most profitable in Ireland, making it highly likely the retailer will also relocate to the new development across the road.
But while Brennan claims the "cost-efficient" 279sq m (3,000sq ft) to 465sq m (5,000sq ft) units will attract modern fashion retailers, it may prove difficult to bag the big names, like HM and Zara, as both those chains will be represented in developer Joe O'Reilly's Pavilions centre in Swords as well as in Henry Street.
O'Farrell, who also owns the estate agency O'Farrell Cleere, bought his initial 50 per cent stake in Northside shopping centre in 2004 for around €40 million. He also owns the Northside Retail Park, bringing his personal landholding in the "Northside Town Centre" plan to 23 acres.
In addition to a number of developments underway in Poland, O'Farrell is also a shareholder in the 437-acre Milverton Demesne site in Skerries with Richard Barrett and John Ronan of Treasury Holdings.
Irish Times
www.buckplanning.ie
Monday, 31 March 2008
Incinerator heating may be supplied to apartments
DUBLIN CITY Council has signed a contract with developer Treasury Holdings to provide heating for apartments in Spencer Dock from the Poolbeg incinerator, which has yet to be granted a licence from the Environmental Protection Agency (EPA).
The council has secured planning permission for the incinerator from An Bord Pleanála, but it needs a waste licence from the EPA to operate the plant.
The EPA will hold an oral hearing on the council's licence application. This hearing begins in two weeks and will hear from groups who are opposed to the incinerator, as well as the council.
The proposed incinerator is being challenged in the courts by local opposition group Combined Residents Against Incineration. The action is being taken against the Minister for the Environment, the Attorney General, Dublin City Council and An Bord Pleanála and relates to certain EU environmental directives.
However, the council has decided to press ahead with agreements, and infrastructure, to provide heating generated by the plant to offices and apartments in the docklands area.
The council is to provide "district heating" for the equivalent of 20,000 people in Treasury's Spencer Dock development and has already begun laying the pipes from the proposed site of the incinerator to the complex.
The district heating system allows the heat to be pumped directly to apartments and offices without the need for a boiler in each building. The council estimates that once the system is up and running, the apartment owners will receive bills that are about 20 per cent lower than those of the ESB or Bord Gáis.
Although the plant does not have a licence, and will not be built until 2011/2012, assistant city manager Matt Twomey said it was prudent to plan ahead for district heating. The financial benefit to the council from this deal cannot be revealed because of commercial sensitivity, Mr Twomey said.
A feasibility study on the capacity for district heating once the plant is fully operational is to be published in the coming months and is to include details of the profits to be made by the council. The council is also in the process of choosing a service provider which will issue heating bills on its behalf.
While residents in new apartments will benefit from lower utility bills, existing residents living in older houses near the plant site will not, at least in the short to medium term, Mr Towmey said.
Several local residents expressed disappointment that they would not benefit from district heating at a meeting held by the council in Ringsend last Saturday. The meeting was organised to give residents further details of the plant's community gain fund consisting of an €8 million lump sum and €500,000 annually.
The Irish Times
www.buckplanning.ie
The council has secured planning permission for the incinerator from An Bord Pleanála, but it needs a waste licence from the EPA to operate the plant.
The EPA will hold an oral hearing on the council's licence application. This hearing begins in two weeks and will hear from groups who are opposed to the incinerator, as well as the council.
The proposed incinerator is being challenged in the courts by local opposition group Combined Residents Against Incineration. The action is being taken against the Minister for the Environment, the Attorney General, Dublin City Council and An Bord Pleanála and relates to certain EU environmental directives.
However, the council has decided to press ahead with agreements, and infrastructure, to provide heating generated by the plant to offices and apartments in the docklands area.
The council is to provide "district heating" for the equivalent of 20,000 people in Treasury's Spencer Dock development and has already begun laying the pipes from the proposed site of the incinerator to the complex.
The district heating system allows the heat to be pumped directly to apartments and offices without the need for a boiler in each building. The council estimates that once the system is up and running, the apartment owners will receive bills that are about 20 per cent lower than those of the ESB or Bord Gáis.
Although the plant does not have a licence, and will not be built until 2011/2012, assistant city manager Matt Twomey said it was prudent to plan ahead for district heating. The financial benefit to the council from this deal cannot be revealed because of commercial sensitivity, Mr Twomey said.
A feasibility study on the capacity for district heating once the plant is fully operational is to be published in the coming months and is to include details of the profits to be made by the council. The council is also in the process of choosing a service provider which will issue heating bills on its behalf.
While residents in new apartments will benefit from lower utility bills, existing residents living in older houses near the plant site will not, at least in the short to medium term, Mr Towmey said.
Several local residents expressed disappointment that they would not benefit from district heating at a meeting held by the council in Ringsend last Saturday. The meeting was organised to give residents further details of the plant's community gain fund consisting of an €8 million lump sum and €500,000 annually.
The Irish Times
www.buckplanning.ie
Sunday, 20 January 2008
Sligo scheme faces opposition
SLIGO Borough Council could opt to reject proposals for the biggest mixed use development ever planned for the town, even though the authority only last month gave the green light to the project. Under the terms of an agreement reached between the council and developers Treasury Holdings, either side could opt to withdraw support for the 70m project now that an agreed deadline for the commencement of construction has expired without the project getting underway. Callside Developments, a subsidiary of Treasury, is planning to build 42 apartments in two eight/nine storey blocks, 14 retail/commercial units with 65,000sq ft of floor space and a multistorey car park with over 400 spaces at Wine Street in the town centre. However, four objections to the proposed development have now been lodged with An Bord Pleanala, further delaying a project which has already been five years in the planning. The council has now been in touch with legal advisers to consider all aspects of what it says is a 'difficult and complex' situation, including the option of rescinding the contract.
"The agreement that Treasury and the borough council entered into was that in the event of the developers not having full planning permission by the end of 2007 then either party could make the agreement null and void, " says deputy lord mayor, independent councillor, Declan Bree. "Essentially, the council and the county manager are in a position to either start the process over again, or go back and renegotiate with Treasury. You could say the ball is at the county manager's foot, so to speak. Probably they could go back to the developers and say we will work with you, but we want commitments in terms of a timescale for the project to proceed."
Traders are concerned that any further delays to the project will intensify pressure on councillors to change the local area plan to allow for edge of town retail development. People in Sligo are concerned that the chronic issue of town centre parking will be further exacerbated when construction work does finally start on the site which is centred on Wine Street, Adelaide Street, John Street and O'Connell Street. "Right across the spectrum there is a lot of anger over all of this, " Bree says. "This is a key project. Everyone knows the degree of disruption it will cause. But at the end of the day it will be worth it. And now is the time to do it."
"Parking is the most serious issue we face in Sligo, " says Fine Gael county councillor Imelda Henry. "My definite concern would be that when work does eventually start on this development the town will be in complete chaos. I have no doubt about that. It's going to be a mess.
Even as things stand, I know of people from the town who drive to Carrick on Shannon on Sunday to do their weekly shopping. There's ample parking and it's free. That is a very worrying situation."
"There's no question of anyone walking away from the Sligo plan . . . I can guarantee that, " says Niall Kavanagh, Treasury Holdings senior development manager for the project.
"Four appeals have been lodged with the planning board. We have to work through that and allay the fears and concerns people have. We accept that the issue of temporary car parking is a concern for most people. During construction we intend retaining 125 of the existing 420 spaces. There's a site across the road owned by the National Building Agency.
We're putting 85 spaces there.
"We're also applying for a temporary 300 space car park on a site that's a 10minute walk away. The Swan Hotel will be making its 200 space car park available to retailers during the day.
There are a lot of options there and I think it will work well.
"If I can get the appeals withdrawn, I think we can have the 920-space car park planned by Dunnes Stores and ourselves in place by Christmas 2009. That is key to the project. It's what the retail environment has to have."
Sunday Tribune
www.buckplanning.ie
"The agreement that Treasury and the borough council entered into was that in the event of the developers not having full planning permission by the end of 2007 then either party could make the agreement null and void, " says deputy lord mayor, independent councillor, Declan Bree. "Essentially, the council and the county manager are in a position to either start the process over again, or go back and renegotiate with Treasury. You could say the ball is at the county manager's foot, so to speak. Probably they could go back to the developers and say we will work with you, but we want commitments in terms of a timescale for the project to proceed."
Traders are concerned that any further delays to the project will intensify pressure on councillors to change the local area plan to allow for edge of town retail development. People in Sligo are concerned that the chronic issue of town centre parking will be further exacerbated when construction work does finally start on the site which is centred on Wine Street, Adelaide Street, John Street and O'Connell Street. "Right across the spectrum there is a lot of anger over all of this, " Bree says. "This is a key project. Everyone knows the degree of disruption it will cause. But at the end of the day it will be worth it. And now is the time to do it."
"Parking is the most serious issue we face in Sligo, " says Fine Gael county councillor Imelda Henry. "My definite concern would be that when work does eventually start on this development the town will be in complete chaos. I have no doubt about that. It's going to be a mess.
Even as things stand, I know of people from the town who drive to Carrick on Shannon on Sunday to do their weekly shopping. There's ample parking and it's free. That is a very worrying situation."
"There's no question of anyone walking away from the Sligo plan . . . I can guarantee that, " says Niall Kavanagh, Treasury Holdings senior development manager for the project.
"Four appeals have been lodged with the planning board. We have to work through that and allay the fears and concerns people have. We accept that the issue of temporary car parking is a concern for most people. During construction we intend retaining 125 of the existing 420 spaces. There's a site across the road owned by the National Building Agency.
We're putting 85 spaces there.
"We're also applying for a temporary 300 space car park on a site that's a 10minute walk away. The Swan Hotel will be making its 200 space car park available to retailers during the day.
There are a lot of options there and I think it will work well.
"If I can get the appeals withdrawn, I think we can have the 920-space car park planned by Dunnes Stores and ourselves in place by Christmas 2009. That is key to the project. It's what the retail environment has to have."
Sunday Tribune
www.buckplanning.ie
Sunday, 19 August 2007
Ballina man to build €1bn ‘green city’ in Colombia
BALLINA man Richard Barrett is set to take on his biggest project yet, building a €1billion ‘green city’ in South America. The property empire of Treasury Holdings, the largest developer in Ireland, co-owned by Richard Barrett and John Ronan, looks set to transform the Colombian capital of Bogota after it was reported that city planners made an approach to build a green city there.
The offer comes on foot of Colombia’s increasing environmental problems as a result of the growing population which is soaring by 140,000 annually causing the carbon footprint to escalate. The Bogota plan is now said to be similar to Treasury Holdings €1.2 billion ‘eco-city’ near Shanghai in China.
The world’s first purpose- build eco-city at Dongtan on the island of Chongming is now underway with phase one expected to be completed in 2010. It will be finished in time for the World Expo to be held in Shanghai. The area will then be home to 80,000 people.
In an interview with national newspapers last week, Richard Barrett said he is confident that his company is on the cusp of something great. “We’ve got limited amounts of expertise for these projects at the moment, but we’re trying to build larger teams so we can take on new projects outside China. Eco-city developments are a new way of thinking and I’m sure that eventually it’ll be the biggest thing we can do as a company.”
The Ballina barrister and economist developed an interest in property law and was involved in property development prior to founding Treasury Holdings with John Ronan in 1989. Since then, the company has gone on to become internationally recognised and the Dongtan development has generated huge interest across the globe.
The eco-city will combat the carbon footprint problems by using an environ-mental planning scheme. With China in the grip of a population explosion, between now and 2020, the country needs to build 400 new towns to accommodate more than 300 million people from the rural areas. The project was taken on by the Shanghai Industrial Development Corporation (SIIC) who will work with the Irish company to develop a model town.
Taoiseach Bertie Ahern has lauded the work of Treasury Holdings and described the Shanghai venture as “a most exciting development which highlights the mutual benefits of co-operation between Irish and Chinese companies.”
With Dublin now rivalling Los Angeles in terms of its carbon footprint, the company has shown no moves to use their expertise on home ground. It seems that although there is no development of that type in Ireland to date, it is not something that has gone unnoticed by Mr Barrett.
“If we owned all of Dublin’s North Docks, we could have built an eco-development there,” he said.
Anna-Marie Flynn
Western People
The offer comes on foot of Colombia’s increasing environmental problems as a result of the growing population which is soaring by 140,000 annually causing the carbon footprint to escalate. The Bogota plan is now said to be similar to Treasury Holdings €1.2 billion ‘eco-city’ near Shanghai in China.
The world’s first purpose- build eco-city at Dongtan on the island of Chongming is now underway with phase one expected to be completed in 2010. It will be finished in time for the World Expo to be held in Shanghai. The area will then be home to 80,000 people.
In an interview with national newspapers last week, Richard Barrett said he is confident that his company is on the cusp of something great. “We’ve got limited amounts of expertise for these projects at the moment, but we’re trying to build larger teams so we can take on new projects outside China. Eco-city developments are a new way of thinking and I’m sure that eventually it’ll be the biggest thing we can do as a company.”
The Ballina barrister and economist developed an interest in property law and was involved in property development prior to founding Treasury Holdings with John Ronan in 1989. Since then, the company has gone on to become internationally recognised and the Dongtan development has generated huge interest across the globe.
The eco-city will combat the carbon footprint problems by using an environ-mental planning scheme. With China in the grip of a population explosion, between now and 2020, the country needs to build 400 new towns to accommodate more than 300 million people from the rural areas. The project was taken on by the Shanghai Industrial Development Corporation (SIIC) who will work with the Irish company to develop a model town.
Taoiseach Bertie Ahern has lauded the work of Treasury Holdings and described the Shanghai venture as “a most exciting development which highlights the mutual benefits of co-operation between Irish and Chinese companies.”
With Dublin now rivalling Los Angeles in terms of its carbon footprint, the company has shown no moves to use their expertise on home ground. It seems that although there is no development of that type in Ireland to date, it is not something that has gone unnoticed by Mr Barrett.
“If we owned all of Dublin’s North Docks, we could have built an eco-development there,” he said.
Anna-Marie Flynn
Western People
Friday, 15 December 2006
Ronan’s burning losses
From The Phoenix:
ANNOYING John Magnier is a foolish business – just ask Alex Ferguson. Enfer millionaire Louis Ronan – who was at the centre of a bitter row over a planned incinerator near Cashel – has also found out for himself.
Avglade Ltd, which owns National By-Products, the meat-rendering company behind the controversial incinerator plan, is carrying accumulated losses of a whopping €25m. This follows an awful 2005 during which it lost nearly €12m when sales dropped by a third. Ronan owns 86% of the company and his brothers, David and John, have 2% each, while Nicholas Tierney owns the balance.
Ronan brought down Magnier’s wrath when National By-Products announced plans for an incinerator in Rosegreen near Cashel, down the road from Magnier’s Coolmore Stud and trainer Aidan O’Brien’s Ballydoyle Stables. An Bord Pleanála was inundated with objections as Magnier and O’Brien led the opposition to the project. Ronan eventually backed off and National By- Products no longer trades. National By-Products is one of a number of Avglade companies but as the accounts don’t break down turnover, it’s impossible to accurately attribute the individual losses. Significantly, auditors P.F. Leonard & Associates note that the directors are to hold an extraordinary general meeting “to review its financial situation.”
ANNOYING John Magnier is a foolish business – just ask Alex Ferguson. Enfer millionaire Louis Ronan – who was at the centre of a bitter row over a planned incinerator near Cashel – has also found out for himself.
Avglade Ltd, which owns National By-Products, the meat-rendering company behind the controversial incinerator plan, is carrying accumulated losses of a whopping €25m. This follows an awful 2005 during which it lost nearly €12m when sales dropped by a third. Ronan owns 86% of the company and his brothers, David and John, have 2% each, while Nicholas Tierney owns the balance.
Ronan brought down Magnier’s wrath when National By-Products announced plans for an incinerator in Rosegreen near Cashel, down the road from Magnier’s Coolmore Stud and trainer Aidan O’Brien’s Ballydoyle Stables. An Bord Pleanála was inundated with objections as Magnier and O’Brien led the opposition to the project. Ronan eventually backed off and National By- Products no longer trades. National By-Products is one of a number of Avglade companies but as the accounts don’t break down turnover, it’s impossible to accurately attribute the individual losses. Significantly, auditors P.F. Leonard & Associates note that the directors are to hold an extraordinary general meeting “to review its financial situation.”
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