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IF artful market trackers like Bernie and John Gallagher, the couple that dodged the property crash bullet, are back buying Irish property again, that's surely a bellwether. Wealthy Irish investors and Irish institutions are both back on the prowl in a big way. They will come back for more, we're told. Smart people who didn't get wiped out in the boom appear to be calling the bottom of the Irish market.
Commercial rent returns rose for the last few quarters and international investors are swarming Ireland, so maybe they're right. The Gallaghers are not the only ones with cash to splash at this level, even in these blighted times. Kenny, who owns Jersey-based Clancourt Holdings has interests in office and retail premises and forestry and leisure.
Revving up to spend also is Porsche-driving Jamie Rohan, the socialite son of Wicklow multimillionaire Ken. He has serious money to spend and interest in buys, with "a strong cash position", it is understood. Rohan and others have been subject to overtures from international funds, as has developer Christopher Bennett.
Facebook landlords Ellier Developments are chasing at least one significant acquisition. Ellier looks like it may have escaped before the bust, having built several well-known residential estates in Dublin that closed before Very few big players are actually looking beyond Dublin city, but the billionaire Comer brothers are a notable exception.
The brothers, who made their cash mainly through savvy property punts in Britain, have ample money to spend and are actively looking, but they have been in the market for around two years without making a significant play — so far. Also said to be looking at bidding on Clancy Quay is Frank Fahy, who either cannily or luckily unloaded most of his Shannon Homes housing stock before the property market collapse.
Perhaps even more telling than the monied Gallaghers and Comers and Goodman coming out to flash the cash is the ultraconservative Irish investment fund contingent getting back in the game. Some Irish moneybags are managing to get skin in the game while keeping below radar.
Another entity believed to be representing monied clients is the little heard-of Ardstone Capital. Ardstone is "actively pursuing other opportunities", O'Neill said after the buy.
Apart from the plummeted property prices yielding perceived bargains, the other draw for wealthy types is the poor value of having money sitting around. Irish tycoons back buying property — but only in the capital The superwealthy flashing the cash again could be a sign the domestic market has bottomed out, writes Roisin Burke John and Bernie Gallgher, inset, snapped up Temple Chambers.
Roisin Burke May 12 5: Riveting new series about 70s New York porn industry serves up a Up to , passengers impacted as Ryanair to fly fewer aircraft this winter Up to , passengers will be affected by Ryanair's Kingspan buys 51pc of Brazilian company Isoeste Cavan-based Kingspan, which produces high performance insulation and building What it says in the papers — business pages Here's a look at what it says in the business pages of today's newspapers: Ireland named nation best able to feed itself The US for the first time dropped from the top spot in a global ranking of countries best Irish carrier's pilots and cabin crew to meet union organisers in Rome One of Italy's biggest unions - Uiltrasporti - has invited Uproar as Uber's loses license in London Transport for London deals a major blow to the ride hailing app, announcing its Apple fan sleeps in car to be first for iPhone 8 launch Apple fans queue up outside the Regent Street store, eager to get their hands on Ryanair to recruit and train ' pilots over the next 10 months' - Michael Sunny conditions expected for Ploughing Championships' final day The Ploughing Championships will close for Bad weather causes massive puddles at Ploughing Championships Prepare to feel sorry for Ploughing Championship There is a man or woman inside the speed