As the title says, this is a new thread for chat about Dun Laoghaire in general without the traffic & transport nonsense.
Enjoy.
That's not a design, it's a few paragraphs of text about talking to the businesses and some seating and closing the street on an interim basis for Summer 2021, or basically what I described above.
This is a design and what was approved in March 2021 to go to advanced design and tender and what is now going to be built:
Why, what interest do you need to declare?
No, this is the design that should have been put in place in 2021:
It never was fully implemented. Hence the grotty appearance of the space since then.
Do we need a declaration of interest Larbre????
No, this new contract *IS* the first design being implemented.
What was there up to recently was just temporary installation of benches, trees in planters and a toilet unit.
The Part 8 scheme which was approved by the Council will now be constructed as per the press release.
I do hope they wait for this to bed-in before holding yet another Part 8 for the full pedestrianisation of George's Street Lower to the Hospital. The consequences of these new works must be properly captured.
https://www.dlrcoco.ie/en/news/general-news-public-notices-press-releases/work-commence-new-public-space-myrtle-square-convent
Another proposed redesign and makeover for Myrtle Sq, before the first design was properly implemented.
So this is where my hard earned LPT is being squandered, on design fees to the buddies!
Due for a September handover I believe.
Would've been spring but suspension of the contract during Covid and unforeseen engineering challenges set them back.
I agree about the swimming pier, the water looks beautiful back there these days. A far cry from the polluted mess it was when I was a kid.
Anybody heard anything about the baths recently? Surely must be close to being unveiled now. Looking forward to swimming off the new jetty, hopefully it’s not in the depths of the winter before we can.
off to uk for good weather
"Cllr Melisa Halpin (People Before Profit) tabling a motion to have a vote on the disposal deferred for ten days, said it was “fundamentally wrong that a whole section of the centre of our harbour is being disposed of to a for-profit company without any public consultation”.
The Quartermaster Innovation project was essentially the same plan the Harbour Company, which had owned the building until 2015, had, she said.
“We need economic plans in the harbour yes, but we shouldn’t be tied to the one economic plan that the Harbour Company came up with seven years ago ... Planning without public consultation is not sustainable planning.”
Cllr Dave Quin, (Social Democrats), describing the plan as “extremely concerning” said: “I fully agree with having an incubator co-working space in the building. However to provide that at such a reduced level of charge for what will be a significant gain and profit to the proposer is to my mind privatisation beyond belief in terms of the excessive profits that will arise”."
They have a point, especially when the lease is a minimum of 13 years. That seems quite long, the rent is significantly below market value, especially combined with not exploring ANY alternative options nor putting it out for public consultation.
Lisney were looking for €215 per square metre per year for the front sections of the terminal in 2016. The overall building is 7,000 square metres. That's a huge state-subsidy to a private company and seems to be based on the idea that it'll a) always be full & b) everyone there is going to spend lots of money in Dun Laoghaire because.....?
If this was 'prime office' it would be renting out at €4,620,000 per year based on average rates in Dublin. Obviously it isn't, but €400,000 and a free first year?
It's a pity they didn't extend Bodytonic's license for Beatyard
The old ferry terminal is to become a co-working hub, that can only be a good thing for the town.
Hanafin is An Cathaoirleach, probably not such a good thing but I guess she's better there than in national office
https://www.irishtimes.com/ireland/dublin/2022/06/13/dun-laoghaires-former-ferry-terminal-to-be-leased-as-co-worker-space/
I did and deliberately so. But if I explained any further I'd be upsetting certain posters and they'd start complaining and throwing profanities around the place.
You'd never know they might even want to start a third thread.😁
On an unrelated note I was down on the West pier earlier and noticed that the halting site is gone. Anybody know when and why it was removed???
@duploelabs Dunlaoighre related enough for you???
Ffs, what the f*ck does this all have to do with dun Laoghaire???
You seem to be ignoring the costs of both loans on both sides in your analysis.
All you have to do is to look at recent history i.e. Anglo Irish Bank > Sean Fitzpatrick > PTSB shenanigans to realise how naïve that statement is.
But in direct response to the claim:
“Why would banks have mortgages? I don't think they're borrowing from other banks to buy their buildings.”
Take 2 fictitious banks say IOB and BIA. So lets say a senior officer in IOB wants to buy a building and she approaches her mate in BIA for a mortgage to buy the asset. Her mate in BIA readily agrees to providing the funding / mortgage on the understanding that this type of arrangement will be reciprocated in the future if required.
So what are the implications of this?
The mate in BIA (the funder) gets a significant bonus of the basis of the loan and the bank itself gets a quality low risk loan (asset) on the balance sheet.
IOB (the Mortgagee) takes an additional liability on the balance sheet matched by a quality asset the building. Basel 111 Capital Adequacy Ratios (CAR) are unaffected as they haven’t used their own capital.
So a win - win for everybody with a rinse an repeat in turn, with everybody getting claps on the back and huge bankers bonus’s
And that’s why banks would have mortgages and borrow from other banks!
The reverse principle applies. Banks push mortgages on other punters because banks make money from selling mortgages to others.
They don't make money by borrowing from other banks at mortgage rates.
Same principle applies.
The discussion is about banks supposedly using mortgages to buy property for themselves, not about banks pushing mortgages on other punters.
Mortgages are classified as assets on the banks balance sheets, whereas deposits are classified as liabilities. Hence the need to push out mortgages and other loans to punters.
No further news, but a strange and worrying development. There is usually plenty of activity around that area at 5.30 on a Friday afternoon.
A mortgage costs them more in the long run. Cash is a commodity for banks, they're not really too short of it.
Anyone know any further details on this?
Local relief as ‘Dracula Towers’ plan rejected in Glenageary
It they knew the bubble was busting in 2006, they would have made far more preparations like atop giving out massive loans which would be write off.
why have a mortgage?
because it frees up cash. Paying for their buildings up front means they have less money to work off
It could be either a prescient move or just a smart cash flow generator with tax benefits. Who knows.
Why would banks have mortgages? I don't think they're borrowing from other banks to buy their buildings.
If they are selling and leasing them back, it is because they reckon the market is topping out. Didn't AIB sell the Ballsbridge HQ site around 2006, just before the bubble burst?
It was for mostly student accommodation, yes
Is the branch still open ?
pretty common to sell buildings and lease them back. Mortgage isn’t a deductible tax expense, rent is.
The IT is also reporting that the building that houses the Bank of Ireland branch in Dún Laoghaire has been sold to a private investor for €2.5 million.
If the pre planning wasn’t in before 17 Dec 21, it’s closed. https://www.irishtimes.com/business/construction/fast-track-planning-process-won-t-be-wound-up-until-june-next-year-1.4723808
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