How Soon Before CIÉ Start Building Office Blocks?

ClovenHoof

I reckon with the SDZ fast track planning now in place and office blocks being built again, that IE Management are in for a very special Christmas and finally get their dream of their ultimate rail transport investment (next to buses and lorries) and finally start building the office buildings they crave to complete more than anything.

Most modern apartments and offices of any rail company in Europe on the way.

cgcsb

IE don't have ANY capital to their name. They cant afford it. They can however sell the site to a private developer and use the cash to modernize some tracks or double track portarlington to Athlone, something to improve the service, ya know.

end of the road

if they did have the funding/capital to build such blocks and appartments and things got good again, wouldn't the rents make a nice proffit for them? it would be a bit more of a long term income then selling?

cgcsb

But they don't have the inital capital and if the government gave it to them, the unions would insist it be paid to their members instead of investing in property.

Victor

Irish Rail don't own any land, so building apartments could hardly be considered.

Thread title corrected

Moderator

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end of the road wrote: »

if they did have the funding/capital to build such blocks and appartments and things got good again, wouldn't the rents make a nice proffit for them? it would be a bit more of a long term income then selling?

Whatever about commercial tenants with long FRI (fully repairing and insuring) leases, I'm not sure that managing residential rentals is appropriate for a company like CIÉ.

sporty56

I would have thought the recent rapid clean out of Mark3s from CIE lands at North Wall coupled with strong rumours that NAMA are anxious to facilitate completing development down to The Point is a strong indicator that CIE are either making lands available for sale or participating in proposed developments.

Turning the clock back a fair few years, CIE did very well from their container depot at Spencer Dock being no longer required for rail purposes after Brendan Ogle's ILDA facilitated management's desire at the time to rid itself of freight(and the workers therein).

AlekSmart

end of the road wrote: »

If they did have the funding/capital to build such blocks and appartments and things got good again, wouldn't the rents make a nice proffit for them? It would be a bit more of a long term income then selling?

This all sounds like a cry for CIE Property to get involved in speculatory property development,which might not be such a great idea,given the State's recent experiences in that area.

Whilst the commerciality of the developments may well be appealing,the reality of CIE Property's past history has been one of Political Interference determining the level of failure.

The Group learned a valuable lesson from it's involvement with the Temple Bar/Bachelors Walk project of the 1970's and that was,never take Political Directions at their face value.

dowlingm

My recollection is that the Spencer Dock deal wasn't so hot for CIE either.

Losty Dublin

dowlingm wrote: »

My recollection is that the Spencer Dock deal wasn't so hot for CIE either.

They allegedly got a far better pay off from it that they got for other lands in and around the Dublin 1 and 2 area. Not to say that it was a fair rate, mind....

sporty56

Getting rid of freight was the real bonus for the organisation and I'm sure generating customers for existing and proposed toll roads didn't go unnoticed.

end of the road

sporty56 wrote: »

Getting rid of freight was the real bonus for the organisation and I'm sure generating customers for existing and proposed toll roads didn't go unnoticed.

exactly, and now the passenger business, a business which they were so deluded to think was the only business they needed has fallen.

hfallada

Deutsche Bahn in Germany is a massive residential landlord in most German cities. Its a source of steady revenue. That CIE bus depot beside Google would be perfect for high rise offices or an apartment block. But most people in the Government insist on building houses only. I would have a feeling the bus depot would be redeveloped into a few ****ty houses rather than a high rise apartment block

Grandeeod

Apparently Tara Street and Spencer Dock North are back on the agenda. The source of this info was the Indo last week. Mentioned Tara Street and then an area behind the IFSC, which can only mean a continuation of the Spencer Dock nightmare.

Losty Dublin

hfallada wrote: »

That CIE bus depot beside Google would be perfect for high rise offices or an apartment block

CIE don't own the site of Ringsend bus garage.

sporty56

According to today's Irish Indo business CIE own six Dublin sites including Ringsend and Donnybrook garages. Recent proposal to sell An Post Cardiff lane has focussed developer's attention adjacent properties like Ringsend garage and ESB South Lotts. Spare RTE land at Montrose has also been noticed by developers.