Daft Property - Irish Property News

Taxpayers are forking out more than €1 million per year on bills such as electricity, gas, security and insurance to keep the lights on at the unfinished €170 million Kilternan Hotel and Country Club in Co Dublin. Irish Nationwide, under former chief executive Michael Fingleton, lent publican Hugh O’Regan €170 million to develop the hotel, but he ran out of money before it was finished. The project went into receivership in 2009. The receiver’s reports show that, over a 12-month period, the unfinished and empty hotel cost €270,000 to insure, €80,000 in ESB bills, €85,000 in gas bills to heat and €155,000 on security. There was also €200,000 spent on consultants, a further €110,000 on legal fees and €71,000 in receiver fees. The company filings show that the firm behind the ill-fated development received more than €1 million from the state-owned Irish Nationwide during the period to meet these ongoing costs. Its sole revenue is €30,000 in rental income. The receiver to Dashaven

Superpub entrepreneur now entering last-chance saloon... CAPITAL Bars is the Dublin hotel and superpub group owned by brothers Liam and Des O'Dwyer. Through Capital Bars, the O'Dwyer brothers own a number of prominent premises in Dublin, including superpubs Cafe En Seine, which holds up to 1,500 people, Zanzibar and the Trinity Capital Hotel. The chain also includes Break for the Border and Howl At The Moon. Like many of the country's hospitality entrepreneurs, the O'Dwyer brothers have been exposed to the downturn. Earlier this year the group said that it was experiencing "huge downward pressure on room rates and occupancy" and said that it was engaged in "aggressive cost cutting". Last May Deepdrill Developments, a property vehicle controlled by the two brothers, filed a High Court petition to shut down Danninger, the main operating company behind Ireland's biggest developer, Liam Carroll, who will seek an unprecedented second examinership hear

The 210 apartments in the nine-storey Gasworks building, in Ringsend near Landstown - Dublin 4, have been vacant since they went on sale two years ago. Developer Liam Carroll has since got the OK to convert the Gasworks apartments into a 520-bed hotel. However local residents are saying "no" to the plans and have appealed the proposal. Their main concern seems to be they will have to pay for the upkeep of common areas - hotel guests will not etc. The original promotion of the apartments, 2 years ago, by Hooke & Mac Donald mentioned: ...One of the most interesting and significant residential projects ever to be carried out in Dublin was launched on the market... A familiar feature of the South Dublin skylinehas been transformed. The striking metal cylinder of the former gasholder at Barrow Street creates a frame within which a stunning new nine storey block of large two bedroom apartments has been built. The curves of the building complemented by its dramatic glass fa