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Thread: Larry Goodman's family buy old Bank Of Ireland HQ Baggot Street fire sale price.

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    Default Larry Goodman's family buy old Bank Of Ireland HQ Baggot Street fire sale price.

    Larry Goodman of the infamous beef tribunal who gave us an appetizer of the main course that transpired two decades later is in the news again. His connection to the political elites of the times are well known and yet the tribunal's findings had little negative impact. Now the Goodman family has bought the old Bank of Ireland HQ in Baggot Street which was previously sold to a consortium for €212 million for a knock down sale price.

    Goodman family acquires landmark former Bank of Ireland headquarters - The Irish Times - Sat, Dec 08, 2012

    http://www.irishexaminer.com/opinion...hq-216920.html
    Last edited by Lassie; 18th December 2012 at 03:13 PM.
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    I'd highly recommend Dr. Elaine Byrne's book - A Crooked Harp, Political Corruption in Ireland - for an excellent summary of the Beef Tribunal.

    It catalogues - in readable format - the astonishing abuse of office perpetrated by Albert Reynolds in bending over backwards to facilitate the Goodman Group at every turn.

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    Politics.ie Member southwestkerry's Avatar
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    Larry Goodman eeemmmmm now what was that some one said to me a few years back about him... O yes, unmentionable here I'm afraid.
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    Politics.ie Member H.R. Haldeman's Avatar
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    "Fire sale price" is a misnomer. All it actually means is: "Market clearing price". Doesn't matter a hoot if that's 90% down from peak. That drop is merely an expression of how out-of-line the bubble was.

    The article says the sellers were asking 30m - 35m, and that the complex needs 30m - 40m in refurb. So 70m all-in or something. If that was such a "fire sale" giveaway, why weren't international investors piling in? I think the answer is that, assuming a neutral rent roll that is neither bubbly nor depressed, 70m is about right. That's 66% down from the 212m quoted for 2006. If anything, it's optimistic to think that's the full extent of the crash in commercial prices, even for a landmark building.

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    Politics.ie Member gerhard dengler's Avatar
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    Quote Originally Posted by H.R. Haldeman View Post
    "Fire sale price" is a misnomer. All it actually means is: "Market clearing price". Doesn't matter a hoot if that's 90% down from peak. That drop is merely an expression of how out-of-line the bubble was.

    The article says the sellers were asking €30m - €35m, and that the complex needs €30m - €40m in refurb. So €70m all-in or something. If that was such a "fire sale" giveaway, why weren't international investors piling in? I think the answer is that, assuming a neutral rent roll that is neither bubbly nor depressed, €70m is about right. That's 66% down from the €212m quoted for 2006. If anything, it's optimistic to think that's the full extent of the crash in commercial prices, even for a landmark building.
    The Sunday Times more or less said that the building needs €30 million upgrade so as you say Larry Goodman has forked out effectively
    €75 million for the building.

    I expect that Goodman assumes that there will be significant interest from prospective tenants to recoup this.
    Obviously "the market" will wonder why now. Why move now to buy this building?
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    "Landmark" building is a euphamism for trophy toy asset

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    Larry Goodman is one of the people who made a lot of his money safe before the crash.

    The Bank building is a good long term bet for someone with very deep pockets. And he will be able to write off the cost of repairs against any tax bills.

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    What i m finding interesting in the replies is that there is no outrage at the possible vulture/crony capitalistic impression that this purchase symbolizes. In the 90s the goodman thing was a popular symbol of Irish politcal/ commercial conflict of interest.
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    meh, nothing to see here.

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