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THE GASWORKS BUILDING, the apartment complex built by developer Liam Carroll which became one of the most visible symbols of the Irish property crash, is up for sale.
The nine-storey building in Ringsend in Dublin 4 has a guide price of €43 million, which equates to a price of €205,000 per apartment.
The price is yet another indicator of the scale of the property implosion. When the apartments launched in 2006, the guide prices were €675,000 to €750,000. Parking spaces at the property initially cost €40,000.
The property is being sold on behalf of Grant Thornton, the receivers to Liam Carroll’s property empire. Carroll’s Zoe property group collapsed in 2009 owing huge amount to banks.
Savills, the estate agent handling the sale, suggest that two-bedroom apartments in the complex currently let for an average rent of €1,300 per month. The entire property could provide a gross annual income of approximately €3.25 million.
The nine-storey building, made up of 210 apartments, currently has 97 per cent occupancy.
Now called The Alliance, it was built using the metal shell of the old gasworks building which had been on the site since 1885 and had been a well-known Dublin landmark.
The apartments were launched in June 2006 – Liam Carroll had delayed the launch in the mistaken belief that property prices would continue to rise and allow him to maximise profits from the building.
The interior of the apartment complex
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Now, where did I leave my wallet ? ;)
is that the wallet with the 3.6 billion we found the other week??
Great €43 Million!!
Hopefully it should be enough to pay Grant Thornton for handling the receivership.
I wonder how many hundred million Carroll owes us for this?
€40,000 per year for parking?
That couldn’t be right??
€770 per week?
Sweet Jesus
Yep, it really was 40k for a parking space when it first launched, on top of the €675,000 that was asked for a two-bed 840 square foot (!) apartment in the complex. Might explain why they had so many problems trying to sell them when it first launched…
I’d be reasonably certain that it was 40k to buy the space, not per year, in the same way if you bought the apartment you paid no rent. Was common enough in the city where there were often less than 1 car space per 4 apartments.
Cheers Brian, I’ve clarified that in the piece now.
“The apartments were launched in June 2006 – Liam Carroll had delayed the launch in the mistaken belief that property prices would continue to rise and allow him to maximise profits from the building”.
Pure greed.
Yes, it was definitely 40,000 to buy a car park space when they were launched. I am the proud owner of one of those spaces!!
Cheers Yvonne. Also: that must be some parking space!
I’m going to hazard a guess and say Google will buy ‘em.
40,000 a year for parking alone? Surely that’s not per apartment?
if individulas bought them how are they all for sale in one lot?
50k a piece would be more like it for shoddy built Celtic Tiger built rubbish with artificially inflated rents and values.
Would you even bother even if you had the cash.
One day you’re a millionaire, the next you are the owner of a pile of scrap in a starving corrupt economy.
Try some Pension funds.
They buy White Elephants like this one with other peoples hard earned cash (Warning fat backhanders commissions will apply).
another greedy man
It has to be 40,000euro to buy the car space when buying the apt, that figure being paid yearly has been lost in translation somewhere.
That’s right Ken. My brother bought one.
Is your brothers for sale as part of the deal here, seems an odd set up
Typo in the last paragraph, should be belief not believe…
Cheers, that’s fixed now.
Liam Carroll reminds me of George Redmond too mean to buy a coffee and brought a sambo to work everyday and eat it in his car. Now the taxpayer picks up the tab for these guys legal costs and debts. Of course the government will guarantee the banks and help out these poor men in a mess. Somebody is getting brown envelopes still as the status quo in power is the same as 2 years ago.
The apartments were launched in June 2006 – Liam Carroll had delayed the launch in the mistaken belief that property prices would continue to rise and allow him to maximise profits from the building.
Greedy ba…..! Reminds me of Sean Quinn, gambling.
I`m sure thats the info the Journal has but i refuse to believe any apt block could charge 40,000euro for a car park space, it sounds more like 4,000euro and service charges of around 2,000euro to 2,500euro a year.There is an Apt for sale at Four Seasons Hotel presently and service charges are 25,000 and thats for all the services in one of Irelands top Hotels, i would recheck that Christine ?
Duly rechecked:) It was indeed €40,000 for a space when the apartments went on sale in 2006 – but I’ve clarified in the piece that that was a one-off, not an annual charge.
So there are currently six apartments vacant, id wonder what there going for?
€40,000 a week just to wash my car??
Madness of the Celtic tiger
Please, correct me if I am wrong, I can’t remember where I heard this and so cannot confirm it, but didn’t Bono apply for planning permission to build on that site before the apartments were considered?
Only reason I say it is because he was supposed to have been refused on the basis that the site wouldn’t be safe for commercial purposes – but then residential properties were built there during the boom.. Just wondering – can anyone conclusively confirm or deny this?
have your say