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 Post subject: Re: Receiver appointed to Priory Hall development in Dublin
PostPosted: Sun Mar 29, 2015 3:18 pm 
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Mantissa wrote:
dolanbaker wrote:
They're better off renaming it Alcatraz, after all it's still a "ball & chain" for many of the former inmates.


But they got a "get out of jail free" card didn't they? They essentially sold the properties to the state for full price. Or do I misremember?

You're probably correct, I wasn't sure that they all "escaped".

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 Post subject: Re: Receiver appointed to Priory Hall development in Dublin
PostPosted: Sun Mar 29, 2015 4:16 pm 
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The BTLs may have been treated differently actually. I believe most of the relief was for mortgage-holders for some reason.

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 Post subject: Re: Receiver appointed to Priory Hall development in Dublin
PostPosted: Sun Mar 29, 2015 7:02 pm 
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Mantissa wrote:
The BTLs may have been treated differently actually. I believe most of the relief was for mortgage-holders for some reason.


Correct, as per the article:

Quote:
Under a deal brokered by the Taoiseach’s department and the Department of the Environment, it was agreed that former residents would have their debt written off.

As part of that agreement, ownership of owner-occupier homes was transferred to DCC – as were the mortgage obligations. Owners of buy-to-let properties were given a moratorium on their mortgage payments – and promised a complete refurbishment of their apartments.


So BTL owners were in limbo and are now stuck with the least attractive property in Ireland, but short memories, a rename, refurb and rental demand will probably see them do alright in the medium to long term.


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 Post subject: Re: Receiver appointed to Priory Hall development in Dublin
PostPosted: Sun Mar 29, 2015 8:20 pm 
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What a crazy "solution".

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 Post subject: Re: Receiver appointed to Priory Hall development in Dublin
PostPosted: Mon Jul 27, 2015 4:10 pm 
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McFeeleys legal eagles wanted the case heard in August as a matter of urgency...when all the M'luds are on their holidays in their country piles!!! Not the brightest of approaches
Quote:
Court blocks bankruptcy exit by developer Thomas McFeely
Case adjourned to October after bankruptcy trustee argues Priory Hall developer failed to disclose all his assets
http://www.irishtimes.com/business/comm ... -1.2298658
Priory Hall developer Thomas McFeely will contest an application to extend his bankruptcy by five years.
The application has been brought on grounds including his alleged failure to disclose all his assets, the High Court has heard.
Mr McFeely (67) was adjudicated bankrupt in Ireland in July 2012 and his bankruptcy is due to expire on Thursday, July 30th this year.


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 Post subject: Re: Receiver appointed to Priory Hall development in Dublin
PostPosted: Sat Oct 17, 2015 7:27 pm 
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Priory hall apts to go on sale early next year.Selling as New Priory....orderly queue please.

Joking aside these are probably the safest apts in the State.

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 Post subject: Re: Receiver appointed to Priory Hall development in Dublin
PostPosted: Wed Jun 01, 2016 1:17 pm 
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Bankruptcy extended for 5 years for total non co-operation

http://www.irishtimes.com/news/crime-an ... -1.2668592
Quote:
He had also failed to disclose his interest in 12 properties.
He had also presented to Mr Lehane the statement of affairs which he had used for his English bankruptcy when he knew that was incomplete and continued thereafter to fail to co-operate with his bankruptcy.
He also sought to “dictate” to Mr Lehane where he would be interviewed, insisting Mr Lehane travel to Derry or pay him to travel to Dublin.
He also “unilaterally” decided that claims by third parties concerning his estate were valid and therefore his estate had no claim to certain properties. He also decided his 20 per cent interest in some properties “and quite possibly 100 per cent interest” was of nil commercial value although there was no charge on the relevant properties.
Were it not for the investigations of Mr Lehane, Mr McFeely’s creditors would be at a loss as a result of his persistent breach of his statutory obligations, the judge added.
In these proceedings, Mr McFeely had “flatly refused” to provide the address or addresses where he now lives, failed to provide a sworn statement of affairs and has provided a statement of affairs prepared in his English bankruptcy which he knows to be false.
He had “greatly hindered” Mr Lehane in the administration of his estate and the effect of his non-cooperation was to severely prejudice the realisation of his estate for the benefit of his creditors.

No mention of jail of course


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 Post subject: Re: Receiver appointed to Priory Hall development in Dublin
PostPosted: Thu Oct 20, 2016 8:54 pm 
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Rimbaud wrote:
Priory hall apts to go on sale early next year.Selling as New Priory....orderly queue please.

Joking aside these are probably the safest apts in the State.


On sale now

http://www.daft.ie/dublin/apartments-for-sale/donaghmede/2-bed-apartment-new-priory-donaghmede-dublin-1333555/


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 Post subject: Re: Receiver appointed to Priory Hall development in Dublin
PostPosted: Thu Oct 20, 2016 9:02 pm 
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€165,000 for a two bed?

Must be a tasty yield on that, even with the location?

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I know a lot of them, like [Jimmy] Flynn, [Noel] O’Flaherty and the Baileys. You meet the Baileys at Croke Park every time you go there. You can’t avoid getting a slap on the back going in from them. Most of these guys lost their shirt. I feel sorry for them - Bertie Ahern


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 Post subject: Re: Receiver appointed to Priory Hall development in Dublin
PostPosted: Thu Oct 20, 2016 9:06 pm 
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Renting And Proud! wrote:
€165,000 for a two bed?

Must be a tasty yield on that, even with the location?

IIRC, DCC has stipulated no BTL investors.


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 Post subject: Re: Receiver appointed to Priory Hall development in Dublin
PostPosted: Thu Oct 20, 2016 9:10 pm 
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Luan wrote:
IIRC, DCC has stipulated no BTL investors.


Did not know that (not that I'd be in anyway au fait with the BTL market)

Still relatively cheap for a PPR if a two bed suited so

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Borrowers seeking mortgages have had to resort to saving deposits, forcing many to sit by and watch house prices tumble without being able to do anything about it. Sunday Independent - June 1 2008

I know a lot of them, like [Jimmy] Flynn, [Noel] O’Flaherty and the Baileys. You meet the Baileys at Croke Park every time you go there. You can’t avoid getting a slap on the back going in from them. Most of these guys lost their shirt. I feel sorry for them - Bertie Ahern


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 Post subject: Re: Receiver appointed to Priory Hall development in Dublin
PostPosted: Fri Oct 21, 2016 11:58 am 
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Posts: 43
let's not forget it has taken the government/DCC 2 years to come up with a solution for residents and another 3 years to build 60 apartments as they've only renovated a portion of the development so far. So 5 years, if anyone thinks the government can solve any supply issues in the current market

for collapso porn watchers, i know these apartments sold for 245k for 2 bed off plans in 2005 and as high as 345k close to 'completion'


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 Post subject: Re: Receiver appointed to Priory Hall development in Dublin
PostPosted: Fri Oct 21, 2016 12:14 pm 
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It's a disgrace that they're even being sold - they'll be lucky to get back what they spent on remediation works based on the figures I've seen quoted for this mess in the past. They should be retained as homeless / council accommodation rather than sold for €165k each for standard 2 beds (€199k I think for the bigger 1000sqft 2 beds). If they do ensure that only owner occupiers buy them then at least they'd hopefully be helping FTBs with low budgets, but if they let BTL landlords buy these it's just ridiculous.

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 Post subject: Re: Receiver appointed to Priory Hall development in Dublin
PostPosted: Fri Oct 21, 2016 12:36 pm 
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I doubt they can legally stop BTL landlords from buying them in the long term.

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 Post subject: Re: Receiver appointed to Priory Hall development in Dublin
PostPosted: Fri Oct 21, 2016 12:40 pm 
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Private Tenant

Joined: Feb 7, 2014
Posts: 43
Mantissa wrote:
I doubt they can legally stop BTL landlords from buying them in the long term.


i'm guess the original BTL owners are getting properties back from the first phase so they want to keep the mix with owner occupiers with these sales


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