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Property industry raises alarm on Sinn Féin housing policy

The best news, analysis and comment from The Irish Times business desk

Pat Farrell, chief executive of Irish Institutional Property, warned Sinn Fein housing policy would decimate the private rental sector. Photograph: Eric Luke / THE IRISH TIMES

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Peter Flanagan
Wed Apr 17 2024 - 06:34

It’s arguable that Sinn Féin has risen to the top of Irish politics in recent years largely as a result of the housing crisis. To a large extent, people unable to get on the property ladder have flocked to the party – no surprise given how severe the shortage is in cities especially. But what impact would their policies have on the sector in government? The property industry is, it’s fair to say, wary of what may be coming down the line. Irish Institutional Property CEO Pat Farrell warned a conference on Tuesday that Sinn Féin policies would “kill” the private rental market. And he wasn’t the only one spooked by the prospect of Sinn Féin in power. Colin Gleeson has the details.

Colin also reports that a top official at the Department of Housing told the conference judges would need to acknowledge the will of the Oireachtas when making planning decisions – a relatively unusual outburst.

Ikea is opening a new distribution centre in Co Dublin to allow it to ramp up its delivery network across Ireland over the next five years. Conor Pope has the story.

Terran Orbital, an American satellite manufacturer, booked $6.9 million (€6.5 million) in total revenue from Declan Ganley’s Rivada Networks in 2023, a figure that has likely risen with further payments Rivada made earlier this year. Barry J Whyte reports.

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In commercial property, Ronald Quinlan reports that the much-anticipated sale on behalf of receivers Grant Thornton of 11 Dublin investment properties owned by developer Johnny Ronan’s Ronan Group Real Estate (RGRE) has been formally launched. The portfolio, which includes the landmark Grafton Street premises of Bewley’s Café and the high-profile office building, Connaught House on Burlington Road in Dublin 4, is being offered to the market by joint agents JLL and Cushman & Wakefield at an overall guide price of €150 million.

Ronald also reports that Paddy McKillen Jr and Matt Ryan’s Oakmount has put Sandyford pub Lamb Doyle’s up for sale with a €2.75 million price tag.

In his column, Martin Wolf looks at just what the UK needs to do to kick-start economic growth.

Dublin City Council intends to ask the High Court to retract its permission for the owner of Doyle’s pub opposite Trinity College to pursue his case alleging “wholly disproportionate” decisions purport to require demolition of certain fit-out works. Ellen O’Riordan was in court.

The buyer of a high-profile hotel in Waterford City whose €1.5 million sale is the subject of a legal challenge only paid a deposit weeks after a rival bidder maintains it had already done a deal to purchase the property, the High Court heard on Tuesday. Barry O’Halloran was there.

Three former executives with Aryzta have joined its one-time chief executive Kevin Toland in launching legal cases against the Swiss-Irish baked goods group stemming from their exits in late 2020. Joe Brennan has the story.

An escalation of the current Middle East conflict could reignite inflation and delay the expected reduction in interest rates with negative consequences for global growth, the International Monetary Fund (IMF) has warned. Eoin Burke-Kennedy has read the report.

The Belfry saga continues. Up to 900 AIB customers who invested in two property funds have been unfairly locked out of a compensation scheme, according to consumer advocate Padraic Kissane. Dominic Coyle has the details.

Healy-Rae Plant Hire was paid more than €250,000 by Kerry County Council in 2023. The company is owned by TD Danny Healy-Rae and run by his sons Johnny, a county councillor representing Kenmare, and Dan. Anne Lucey reports.

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