March 2009

Irish development in London flies in the face of recession

Work is well underway on this huge development being built by London-Irish developer Eamon Lyons. It is located on Old Street on the edge of London’s financial district – The City. It is due for completion in 2010. The development comprises of two 14 and 16-storey towers.

Eamon Lyons has over 20 years experience in the East End. Originally from the west of Ireland, Lyons cut his teeth with Sean Mulryan’s Ballymore Homes in the late 1980s and early 1990s but eventually established his own company, Tudorvale Homes, which has been building houses and apartments for over a decade.

Artists impression of the finished development

Artists impression of the finished development

Tesco plan huge development in Hackney Central

Tesco plans to redevelop and expand its store in Hackney Central and make changes to the surrounding area.

A planning application and conservation area consent have been submitted for the Tesco site in Morning Lane, which would see construction of three, nine and 13 storey buildings, providing 11,125 sq metres of retail space for a new store in the three storey building. There will be space for eight other new shops, offices, restaurants and bars.

Further proposals include building 134 new homes, 414 car parking spaces, 252 cycle spaces and new and improved pedestrian routes to and within the Tesco site including the landscaping and pavement widening in Morning Lane.

Dublin Airport hit badly by the Great Recession

RYANAIR CHIEF executive Michael O’Leary yesterday said the airline would continue to pare back its services from Dublin airport in a move to up the ante against the Irish Government’s proposed introduction a €10 air travel tax.

Passengers traveling through Dublin Airport over the weekend have reported it being incredibly quiet – “it’s usually pandemonium in there”. Officially there was a 12% decline in the Passenger throughput at Dublin Airport for the month of February, over the same period last year, according to the Dublin Airport Authority (DAA).

Meanwhile the DAA is investing €2bn in new facilities over the next decade and planning permision has been granted for a new runway. Hmmmmm…?

White Elephant?

White Elephant?

O’Reilly quits as Independent chief. Shares in media group jump

Sir Anthony O’Reilly is to step down as chief executive officer at Independent News & Media in May. He will be replaced by his son Gavin.

The announcement was made in a statement to the Irish Stock Exchange early this morning.

Eurozone rates slashed to 1.5%

Eurozone interest rates have been slashed by a half percentage point to the lowest level ever as the European Central Bank responds to continental Europe’s worst recession since the second world war.

The ECB said its main interest rate would fall from 2 per cent to 1.5 per cent, bringing the total cut since early October to 275 basis points, and taking the eurozone’s monetary guardian into territory not charted since the euro’s launch in 1999.

Bank cuts rates by 50 points to 0.5%

The Bank of England’s monetary policy committee cut its key rate by half a percentage point to 0.5 per cent on Thursday and unveiled a programme under which it will buy up to £150bn in government gilts and corporate bonds.

UK interest rates lowered to 0.5%

The Bank of England has cut interest rates to 0.5% – a fresh all-time low – and said it was now boosting the money supply to help revive the economy.

The Builders Revisited

An excellent series of features on Irelands property wheelers and dealers, their highs and lows, and the optimistic note being sounded by Ballymore Properties.

Pound Advances Against Euro as U.K. Sentiment Improves

The pound rose against the dollar and euro after a survey showed U.K. consumer confidence in February rose from the lowest level in at least four years.

The currency also advanced on speculation the Bank of England may bolster economic growth by cutting its benchmark rate to a record low tomorrow and signaling its ready to buy government bonds as part of a quantitative easing policy. An index of U.K. sentiment increased to 43 last month, from 41 in January, which was the worst result since data began in 2004, Nationwide Building Society said today.