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 Post subject: Re: Irish builder gambles €100m on property market revival
PostPosted: Sun Apr 05, 2015 4:47 pm 
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http://www.businesspost.ie/#!story/Home ... d3fec89bb1

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Crekav Landbank Investments, one of Dublin’s most prolific residential land buyers, has completed four more deals for more than €30 million. Greg Kavanagh and Pat Crean’s company has bought 3.3 acres and the former Kylemore Clinic on Church Road in Killiney, south Co Dublin, for around €5 million. The lands and the Victorian former care home building there are already zoned for homes under the Dun Laoghaire-Rathdown local development plan...


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 Post subject: Re: Irish builder gambles €100m on property market revival
PostPosted: Tue Sep 15, 2015 3:34 pm 
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Another incredibly good buy in an area (Hollystown) where I've noted a certain state agency selling cheaply, quietly. Himself and his team seem very well connected.

http://www.irishtimes.com/life-and-styl ... -1.2345753


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 Post subject: Re: Irish builder gambles €100m on property market revival
PostPosted: Thu Oct 20, 2016 1:26 pm 
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.... and he's out:

"Exclusive: Developer Greg Kavanagh hits the jackpot with €150m payday"
http://www.independent.ie/business/comm ... 46905.html
Quote:
New Generation Homes chief Greg Kavanagh has secured a massive payment in a deal understood to be valued in excess of €150m from his company’s financial backers, London-based M&G Investments, in a deal which will see him exit the business.
(...)
While Kavanagh was unavailable for comment on the multimillion euro payment he is now in line for or on the precise terms of the deal which sources described as “amicable”, it is understood M&G Investments will acquire all of New Generation’s assets. Those assets - a portfolio of Dublin development sites – are to be transferred into the ownership of a new company to be formed and headed up by Kavanagh’s current co-director, the CEO of New Generation Homes, Pat Crean.

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 Post subject: Re: Irish builder gambles €100m on property market revival
PostPosted: Thu Oct 20, 2016 9:31 pm 
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Did they build any houses or are they just land speculators ?

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 Post subject: Re: Irish builder gambles €100m on property market revival
PostPosted: Thu Oct 20, 2016 11:16 pm 
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jake76 wrote:
Did they build any houses or are they just land speculators ?

They have built quite a few houses and continue to do so but have been tied up in planning battles left, right and centre so their larger schemes (100+ homes) have yet to see the light of day. They have one big one with nearly 200 apartments under construction in Harold's Cross.

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 Post subject: Re: Irish builder gambles €100m on property market revival
PostPosted: Fri Oct 21, 2016 8:48 am 
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That is quite a bizarre story. Who leaks details of a private business deal the day after it is agreed? Has the deal been formalised or was it just agreed in principle?


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 Post subject: Re: Irish builder gambles €100m on property market revival
PostPosted: Fri Oct 21, 2016 8:52 am 
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Negative Covenant wrote:
That is quite a bizarre story. Who leaks details of a private business deal the day after it is agreed? Has the deal been formalised or was it just agreed in principle?

Not sure... Indo makes it sound leaked, whereas Irish Times made it sound like there was a public statement/press release:
http://www.irishtimes.com/business/cons ... -1.2837056

Could be the Indo trying to play up the fact they got there first and intentionally making it sound like they got some sort of private information... who knows

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 Post subject: Re: Irish builder gambles €100m on property market revival
PostPosted: Fri Oct 21, 2016 11:39 am 
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Negative Covenant wrote:
That is quite a bizarre story. Who leaks details of a private business deal the day after it is agreed? Has the deal been formalised or was it just agreed in principle?



People with egos, that's who.

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 Post subject: Re: Irish builder gambles €100m on property market revival
PostPosted: Fri Oct 21, 2016 3:56 pm 
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SoCoDu wrote:
jake76 wrote:
Did they build any houses or are they just land speculators ?

They have built quite a few houses and continue to do so but have been tied up in planning battles left, right and centre so their larger schemes (100+ homes) have yet to see the light of day. They have one big one with nearly 200 apartments under construction in Harold's Cross.


Tied up in planning battles as the majority of Crekav applications I have looked over are low-spec and purposely push Development plan standards looking for a dubious permission due to the depressed market. (ie too low density applications in some areas and too high density applications in others). it's a bit of a no brainer if you can afford the capital to be tied up for 3-5 years. If you get your planning permission you hugely increase the site value, if you get refused the refusal is specific enough to still allow an accurate enough valuation of the site. I presume the St Anne's Park application they withdrew last week was heading for a catastrophic refusal (deemd a material contravention of the development plan or some such) and was withdrawn on those grounds.

Dig out the links to specific case files- e.g look over the refused application for the old tram depot on newtown ave in Blackrock (D15A/0620)for example. really basic issues around overlooking and parking blatantly ignored given the context of a tightly drawn Local Area Plan.

Is this the ultimate flip?


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