Full coverage: Property

Property development flourishes when there's a big gap between risk-free returns and property yields. Risk free returns are shooting up. How bad is this for developers?

The Housing Assistance Payment is one of the state’s largest subsidy schemes, yet the identity of its recipients has been a well-guarded secret. Data obtained through a freedom of information request lifts a corner of the veil.

Behind a leafy façade in Georgian Dublin, a small team has been instrumental in directing global institutional investors towards Irish property development. Based on hundreds of documents, site visits and insider information, this investigation tells Ardstone’s story.

When the housing crisis emerged, Ardstone Capital had an address book full of international investors and no baggage from the Irish property crash. In the past six years, it has discreetly funded every possible type of home in the country.

Galway developer Alber has planning permission for over 100 homes on a Comer site, but has yet to pay for it. The property is at the centre of parallel legal and rezoning clashes.

Some of those criticising the Croí Cónaithe scheme have been consistent in their suspicion developers are making large profits from building homes. The problem with this theory is that there is effectively no evidence for it.

The 30-year-old investment partnership between developer Brendan Hickey and Davy stockbrokers is coming to an end. New information has emerged about the properties put up for sale.

Gerard Loughran has accumulated sufficient profits with the high-end fast-food chain in the UK to support its expansion to Ireland. His local partner Ray McNamara has done the same here with Ann’s Bakery. And they share the same approach to commercial property.

Since the first Covid case was recorded in Ireland, shopping centre values have declined by 24%, with those on Grafton Street and Henry Street falling by 35% and 43%. Backing up the depressing outlook for retail property are the latest numbers from Mike Ashley’s network of Irish stores.

After its acquisition by AIB last year, Goodbody has found a new home. The move by the stockbroking firm into Dublin 2 will situate it less than fifty metres from its arch-rival Davy.