AIB enters development market

THE entry of AIB Bank into the property market in Killaloe is just one example of banks becoming involved in the disposal of assets following the collapse of house prices.

AIB has lodged a planning application with Clare County Council for permission to construct two houses and retention of as built and completion of 25 houses, estate roads, boundary treatment, street lighting and all associated site works at Knockyclovaun, Killaloe.
According to planning documents, the reason for selecting this site is the fact it is under receivership. Documents also confirmed that 16 dwellings are substantially completed, two are not substantially complete, while the base of seven other structures are complete. Two new dwellings are also proposed as part of the development.
The number of car parking spaces to be provided is 44 while the breakdown of the proposed residential development is 18 three-bedroom and nine four-bedroom houses.
In a letter to Brian O’Kennedy and Associates Limited, Consulting Engineers, Douglas, Cork, AIB lending manager, John Basquille, stated he understood from speaking to Mark Etherington from the receiver’s office that they had been recently instructed by the receiver to re-submit this planning application.
“Please ensure that any application in this regard is in the bank’s name. To this end, we confirm that the bank is agreeable to the appointment of Brian O’Kennedy and Associates Limited to act as the bank’s representative for the purpose of making the planning application to the council,” Mr Basquille stated.