
6 April 2016
Chairman Gregory Jones QC proved a solid
pair of hands and nothing too radical emerged.
the report contains over 100 recommendations
across a number of themes, including: a more
cohesive planning system, communication
with stakeholders and an improved legislative
base.
The Group recommended amending Section 37
(1) (b) of the 2000 Planning Act to allow the
Board to say that “it is minded to grant permis-
sion”, but to seek further information on a
specific item, in order to allow a consent to be
granted for an unclear application. This would
annoy the EU and its EIA regime which don’t
like anything getting through whose implica-
tions haven’t been clearly assessed for the
scrutiny of the public. But An Bord Pleanála
has never been excited about the EU’s plan-
ning agenda and its tedious public-participation
obsession.
The past is our future
Bosses at listed housebuilder Cairn Homes are
getting their hard-earned payday under a
"founders' shares" incentive scheme set up by
the company.
Cairn shares closed over 112.5c for more
than 15 consecutive days in March, meaning
that the performance condition for the payout
has been met.
The scheme runs over seven years, and the
men are only entitled to a payout if the com-
pany achieves a 12.5pc increase in total
shareholder return (encompassing share price
rises and dividends), calculated in a test period
each year on a compound basis. The IPO price
was €1.
Under the scheme, the holders of founders'
shares, chief executive Michael Stanley, exec-
utive director Alan McIntosh, and chief
commercial officer Kevin Stanley, are entitled
to 20pc of the total increase in the company's
market capitalisation since its IPO, with the
increase calculated from a test period running
from March 1 to June 30. Cairn is well-posi-
tioned to meet suppressed demand for
housing as it owns a business park in Artane,
Dublin 5, and development land in Galway and
Killiney in south Dublin.
What is less well known is that the Stanleys
controlled Stanley Holdings, which built Bel-
mayne, the country’s most sexily marketed
apartment development which required reme-
dial fire-safety measures – partly paid for by
state-owned NAMA - and the temporary evac-
uation of around 240 residents in 2012.
Good to see they’re moving on, and up.
Not Allsops
Ordinary folk will be celebrating the return to
Ireland of whit-shoe auctioneer Sothebys
which took a break from Éire during the coun-
try’s recent economic difficulty. According to
the Sunday Business Post it is once again “to
roll out its high-end property business to Ire-
land, offering ‘exceptional’ and ‘exotic’ homes
only”.
Old masters – of bad practice
Its cousin in sniffiness, Christies, is the
agent for the export and proposed sale by auc-
tion of nine paintings and a drawing - including
paintings by Peter Paul Rubens, David Teniers
II and Francesco Guardi - from the Alfred Beit
Foundation’s collection, mostly based in Russ-
borough House, Co Wicklow. Scandalously,
and in breach of established good practice
internationally, the sale is intended to meet
ongoing upkeep costs at the Blessington man-
sion, one of the finest historic houses in
Ireland. Two items have already been sold and,
while a controversy erupted last year that
averted the sale of the remainder, the Founda-
tion stubbornly intends to auction four more
over the summer. The Judith Woodward-
headed foundation considers that it would
have to pay Christies a penalty if it doesn’t go
ahead with the auction. The problem is that
Kildare-based Christies, whose website says
it “maintains offices in the UK and Ireland”
doesn’t have a licence from Ireland’s Property
Services (Regulation) Authority to provide
“property services” (defined as service for the
auction of property whether land or otherwise)
as required under ss 28 and 29 of the 2011
Property Services (Regulation) Act. It seems to
be a criminal offence to hold yourself as able
to auction goods in Ireland without such a
licence. So the Foundation need have no fear
of the consequences of doing the right thing...
Six-feet Underwood
One of the most colourful figures in the Dublin
property world, Marie Underwood, died in
March 2016, outliving her Southampton-born
husband Ivor by ten years, and leaving an only
daughter, Lisa.
Always rumoured, but never confirmed, to
have been a demi-glamorous Theatre Royal
‘Royalette’ dancer, Marie retained a distinctive
MODE to the end, in Elizabeth Taylor-style tur-
baned hats. The Underwoods” with their
cream and maroon vintage 1950s Wolsey car
became a phenomenon on the Dublin’s macho
property scene.
As enthusiastic Irish Georgian Society mem-
bers in the 1960s the Underwoods were
inspired by Desmond and Mariga Guinness to
buy run-down Georgian buildings across
northside Dublin, including on all four sides of
Mountjoy Sq, Capel St, Henrietta St and North
Great Georges St. They also snapped up south-
side properties in Kildare St, Baggot st, Talbot
St, three on Parliament St and three on Dame
St, as well as the prominent No 1 Merrion Sq
and many other houses in Dun Laoghaire,
Dalkey and Rathmines. The full number was
estimated at 70.
Collecting buildings was the Underwoods’
passion. The practicalities of investing in new
uses and recovering income proved challeng-
ing. In most of their northside Georgian
buildings they took the approach of doing min-
imal maintenance and putting in caretakers.
There was always abortive talk of great plans
including a museum in 3 Henrietta St. Part-
time residents of Dalkey, Co Dublin, the
Underwoods established tax residency on Las
Palmas in the Canaries.
All over the city property owners were
becoming exercised by the problem of being
beside an neglected Underwood building. The
City Council did the Corpo equivalent of losing
its patience.
Compulsory Purchase Orders on the two
Henrietta St houses resulted in years of legal
conflict.
There was a high-profile spat with Senator
David Norris in North Great Georges St result-
ing in legal action over a rear extension they
had built in breach of building regulations.
Realising that it was all to much, the Under-
woods adopted a policy of leasing and then
selling buildings, often unwisely.
After Ivor’s death in 2006 his estate was
values at €70 million, with properties already
held by Marie or transferred to their daughter
NEWS
Boomtown property tryst
Demi-glamour