Market Slowdown starts to hurt

Longford developers and builders are starting to feel the effects of the slowdown in property sales with one local firm going out of business.

From the Sunday Business Post,

Building firm collapses with €1.5m debts 09 December 2007

A midlands construction company has collapsed with debts of almost €1.5 million. James Gerety Construction, a Longford-based contractor, went into liquidation last week after running into cashflow difficulties. The company owes the Revenue Commissioners more than €100,000. The company tried to restructure its finances to overcome the recent slowdown in the construction sector. However, the directors ultimately decided to convene a meeting of the firm’s creditors, during which the company was wound up. Declan Taite, a partner with accountancy firm Farrell Grant Sparks (FGS), was appointed liquidator. Taite will examine the background to the company’s collapse and distribute its remaining assets. According to its statement of affairs, circulated to creditors last week, builders’ merchants Brooks is owed almost €100,000. Kiernan Roofing and Midwestern Electrical are owed €58,000 and €42,000 respectively. The company is owned by James and Theresa Gerety of Gowan, Co Longford. The company had a turnover of more than €7 million and retained profits of €50,000 at the end of last year. It worked as a contractor on a number of social and affordable housing developments in the Longford area.

Ardagh College Sold

Ardagh College has been sold to a Solicitor from Mullingar who made the purchase for a consortium. The sale of the 214 acre lot was for €5.2 million. A smaller zoned lot of 12 acres did not sell at auction and is under negotiation. More details at the Irish Independent which speculates that the property will be developed as a hotel.

Construction Halted at Carriglass

The Sunday Business Post reports that Bowen Construction has stopped work at Carriglas due to a dispute over payments to sub contractors. There has been a lot of rumours locally that the site may close as house sales are very slow. It appears that the high prices being asked combined with the small house types and high density are not appealing to today's buyers.

Planning Restrictions due to New Motorway

The National Roads Authority has released a new map showing the constraint area which restricts development in Longford and Westmeath. The area will become smaller as potential routes are ruled out. Consultations have been held with the public in both counties. Local builders and developers will have to review their site plans if they fall within the area and it will add an extra step to the planning process.

Longford last in Planning Applications

It may seem that local engineers and architects are busy with planning but Longford had only 197 applications in the second quarter of 2007. This is less than Leitrim (258) and Roscommon (422) and puts us in last place in the entire country. It appears that Longford builders have less confidence than the rest of the country. Full details are available at the CSO website.

Ardagh College and land for sale

The Sisters of Mercy school at Ardagh has been put ip for sale for auction on 11th October 2007. The grounds are over 214 acres and the large house was used until recently as a Rural Home Economics College. Guide price is €6.5 million for the entire property.

New Dunnes Stores Supermarket

Construction is well advanced on the new Dunnes and the opening is expected in about two months. This latest addition to Longford's retail market will be welcomed by Longford shoppers who will have a greater choice of options.

New Shopping Centre Progressing Well

The new shopping centre at Little Water Street on the banks of the Camlin is coming along well and changing the skyline of Longford town.

Camlin Village details released

The plans for the new village planned along the N4 near the Ballinalee roundabout have been made available. The scheme includes 196 houses, retail space and a proposed 11 storey hotel.

Ganlys Homevalu of Athlone Coming to Longford

Ganly's of Athlone will open a new outlet in Longford this year on the old Tool & Plastics site. The store will employ up to 50 staff and will have a garden centre. The news is a great vote of confidence in the town as Longford is fast becoming a major regional retail centre. Click on the picture to see a larger size.