Developer accused of 'unbridled speculation'

Sully

A prominent Tramore politician has accused a development company of using the planning system to increase the value of a site by multiples and then putting it on the market in order to make a quick buck.

Former Mayor, Ann Marie Power, said she believed she had been misled, by the promise of badly needed retail development, into supporting the rezoning of a prime site for mixed-use development, with Dunnes Stores as intending anchor tenants.

“Now”, she said, “I believe I was conned and that the integrity of the planning system has been impugned. Furthermore, I feel guilty for not having researched the situation more thoroughly before lending my support”.

Ms. Power, a Fine Gael Town and County Councillor, was speaking at Tuesday night’s monthly meeting of Tramore Town Council.

She was referring to Volute Properties and a four acre prime site fronting onto Lower Branch Road and Strand Road. Volute acquired planning permission for a mix of residential, social and commercial development, but without a sod being turned, the property has been put on the market with an asking price of €12 million.

“I’m really angry”, said Cllr Power, who was the town’s Mayor in 06/07. “I’m accusing Volute of unbridled speculation, attempting to sell on the site once the recession dampened the prospect of easy money being made on the apartments they intended building.

“Indeed, the question must now be asked as to whether they ever intended proceeding with the development and the installation of retail units to service the needs of the town”.

She wants a meeting with the development company so that she can confront them on the issue.

And she remains adamant, despite the downturn in the economy, that there is vast scope for a successful retail venture on the site, given the projected growth in Tramore’s population over the coming years.

Lisney Estate Agents are acting for Volute and spokesperson Maeve Furlong confirmed on Tuesday that there had been some enquiries which they would be following up. However, she conceded the sale would be “a slow process” in the current economic climate.

Source: The Munster Express

Interesting comments there. I wonder did the company do this on purpose, or did they bull out simply because it wasn't a feasible operation in the current climate?

JMcL

Nothing will sell at the moment. I was listening to the radio earlier and apparently estate agents in London are doing really well to shift 2 houses per week in their areas, so the same will definitely apply here.

In fairness to the developers (not something I do lightly), they wouldn't stand a chance on making money on this selling apartments in the present climate, especially if the anchor tenant pulled out. I think the current lot bought it from whoever got the original PP for a hotel, and I would imagine they haven't got a prayer of even getting back what they paid for it at the moment, especially factoring in the demolition of South. My great fear would be that it's going to be an eyesore for years to come.

CantGetNoSleep

Less of an eyesore since that demolition I feel though

JMcL

CantGetNoSleep wrote: »

Less of an eyesore since that demolition I feel though

I can see your point, but at least when South was standing there was access to/from splashworld and the lake. It's all now surrounded by fencing, and will probably stay like that for a time to come meaning it'll effectively become a big ugly patch of wasteground