Investment fund receiving €2m a year in rent from council for vacant hostel
Dublin City Council
for a vacant hostel.
Avalon House at Aungier Street,
Dublin
city, has been dormant since a legal wrangle six years ago when local objectors went to the High Court to block plans by the
Peter McVerry Trust
(PMVT) charity to provide homeless accommodation in the property.
The dispute led Dublin City Council to take over the McVerry Trust lease in May 2021. The council pays €300,000 in annual insurance, security and utility costs in addition to the €2 million annual rent. Apart from a ground floor café, the property is vacant.
Under the PMVT and council tenancies, the total rent bill was €10 million between 2020 and 2024. In the same period, the additional costs were about €1.5 million.
READ MORE
'Avalon House is not usable without significant capital works, as PMVT had commenced strip-out prior to the lease transfer,' said the Dublin Region Homeless Executive (DRHE), a division of the city council.
A new planning process was set in motion in February 2023, but an application to develop a homeless family hub in the property has still not been submitted.
Since 2022, the landlord is Irish Social Housing Fund 1, an investment vehicle promoted by Mr Maguire in partnership with international investors. 'It is not my fund and I have no ownership in the fund,' Mr Maguire said in reply to questions.
A senior counsel, he came to prominence after the financial crash as a debt adviser to people in mortgage arrears and later moved into investment. The fund is listed among the partners of his advisory company New Beginning on its website.
Avalon House, once a medical school, is a protected structure, meaning owners are required to prevent it from becoming endangered. The building was a hostel for backbackers before the PMVT set out plans to provide emergency accommodation for up to 155 rough sleepers.
The trust had taken out a 20-year lease on the property in November 2019 with a company called Trittkopf, whose ultimate parent is BJM, a firm based in Cyprus. The city council took over the lease 'for the residue of the term' as part of the settlement of the court case.
When Irish Social Housing Fund 1 acquired Avalon House in 2022, Mr Maguire was described as its 'authorised signatory' in a planning submission to the council.
Mr Maguire suggested questions should be directed to the fund itself but a phone call to the fund was answered in his New Beginning office.
The fund is authorised and supervised by the Central Bank. However, the bank said it 'does not have any regulatory role to make publicly available the prospectus or financial statements of the fund'.
Responsibility for releasing financial information was with the alternative investment fund manager, the bank said. The fund manager, IQ-EQ, did not return phone calls or reply to questions emailed to a named company official in Dublin.
The DRHE said it considered 'all options' for Avalon House, including exiting the lease or an alterative use for it. 'A family hub was considered to be the only viable use,' it said.
'The DRHE commenced the capital works application process, conditional approval was granted by the DHLGH in February 2023 and full Stage 1 approval given in June 2023, following compliance with the funding conditions,' it added.
'In late 2023, the DRHE tendered to procure an integrated design team. An integrated design team for the transformation of Avalon House into a family hub was appointed on April 5th, 2024, and we are currently preparing a planning application for a family hub.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Times
4 hours ago
- Irish Times
Letters to the Editor, August 7th: On the wisdom of Metrolink, abortion data, and the red fox
Sir, – Dermot Desmond's claim that AI will render MetroLink obsolete ignores the reality that traffic congestion already costs the Dublin economy over €336 million annually, rising to €1.5 billion per year by 2040 (' AI will make Dublin's MetroLink obsolete ,' says Dermot Desmond, August 5th). Congestion isn't typically caused by parked cars, but by vehicles using roads at the same time. Self-driving cars won't solve that problem as they will still take up the same road space as existing vehicles. Meanwhile, Ryanair's Michael O'Leary's fanciful proposal that we should cancel MetroLink in favour of building a new motorway in the Irish Sea would also surely find itself to be expensive and highly congested on whatever day in 2045 or 2050 it would open. What does work is the high-capacity public transport solutions in use all across the world, including in Ireland, such as electrified suburban rail (Dart, Luas, MetroLink), combined with segregated cycling lanes and walking tracks and greenways. READ MORE These are systems that move thousands efficiently, reduce emissions, and make urban spaces more liveable. We have the plans now. Let's get on with implementing them without further delay. – Yours, etc, ROSS Ó CURRÁIN, Drumcondra, Dublin 9. Sir, – What is it about Irish billionaires/multi-millionaires and MetroLink, and with our eagerness to listen to their 'pearls of wisdom'? First Michael O'Leary's rant and now Dermot Desmond, with his outlandish claims that self-driving cars will make public transport redundant. Setting aside the serious safety concerns with autonomous vehicles, especially in urban areas, we would do well to learn from the experience of Uber and other rideshare platforms which made similar claims about congestion reduction. Study after study has shown that they in fact increased congestion in cities where they operated and had almost no impact on car ownership. Any privately operated AI-driven autonomous vehicle service will have the same commercial pressures to increase car dependency. I do, however, share Mr Desmond's optimism about the possibility of significant reductions in car ownership. This will be achieved, not through futuristic technology, but by investing in our public transport and active travel infrastructure which will make cars redundant in our cities. – Yours, etc, CIARÁN FERRIE, Rathmines, Dublin 6. Sir, – I must keep an eye out for Dermot Desmond the next time I'm waiting for the Luas. – Yours, etc, HELEN PEAKIN, Terenure, Dublin 6W. Sir, – Why does The Irish Times continue to publish the opinions of billionaires about public transport projects? When was the last time Denis Desmond took a train? He tells us that self-driving cars will mean there are fewer cars on the road, and thus no need for the Metro. Even a brief moment of introspection will show this to be the opposite of the case. Self-driving cars will likely spend more time on the road as they cruise around looking to pick up passengers, just as taxis do today. Would car manufacturers really be investing in AI if they thought it would result in fewer car sales? AI will likely make Dublin's traffic much worse, not better. It will be the same the world over. China, no laggard on AI, is massively expanding its public transport system in the coming years. Dublin absolutely does need a metro. – Yours, etc, Dr MARK SUGRUE, Donaghmede, Dublin 13. Sir, – I have just read the report about Dermot Desmond and the proposed metro system. The newspaper recently has seen an onslaught of articles against MetroLink and improvements to the public realm, led by contributors such as Frank McDonald and Michael McDowell. Is there any space to be had for progressives in the newspaper? The arguments currently being used against the metro we have seen before. The Dart would cost too much, nobody would use the Luas. Nobody now would seriously suggest we dismantle either rail system. The same will be true of the MetroLink when it too is built. It is never going to be cheaper to build the metro than now, it is never more needed than it is now. Let's stop the propagation of fantasy arguments and promote a positive vision of MetroLink. – Yours, etc, ADAM LADD, Drimnagh, Dublin 12. Sir, – It is reasonable to expect that southside residents wanting to use the metro to go to the airport will have luggage with them. But how are they to get to the St Stephen's Green station with that luggage? Luas and buses are not able to accommodate luggage, and it is unlikely that a sufficient park and ride could be offered in that area. The metro would therefore be useless for airport access for a huge number of potential travellers. This problem needs a solution before we spend any of the billions proposed. We don't need a white elephant. – Yours, etc, DAVID O'HIGGINS Stillorgan, Co Dublin. Slim chance Sir, – I read with interest how the availability of GLP-1 medications has rung the death knell for the body positivity movement (' Body positivity fell from favour as soon as Ozempic brought thinness back ,' August 4th). Any chance someone will invent an Ozempic to help slim down the size of and curtail the appetite for SUVs on our roads? – Yours, etc, ULTAN Ó BROIN, Blackrock, Co Dublin. Abortion data collection Sir, – It was recently reported that the HSE will be rolling out a pilot scheme in some hospitals to collect more data and information on abortion in Ireland (' More detailed data on abortions to be collected from Irish hospitals ,' August 5th). This is welcome, as Irish data collection for abortion has proven inaccurate and unsatisfactory, in contrast with other jurisdictions. For example, the total number of abortion notifications received by the Department of Health for 2021 was just 4,577. But according to a supplementary memo, the department acknowledged this figure fails to tally with the total number of abortions actually performed. Instead, it estimated, based on the total number of reimbursements for abortion paid to GPs in 2021, that the figure is likely closer to 6,700. In addition to inadequately completed notifications returns, the limited data sought in the forms leaves much to be desired as it only provides the total number of abortions performed by month and county. This excluded collecting data such as age, gravidity, and gestational age. Knowing this information is important to inform the public about the scale and nature of abortion in Ireland, but also to allow researchers and policymakers to identify trends. When the Health (Regulation of Termination of Pregnancy) Act 2018 was being drafted in autumn 2018 after the referendum in the same year, an amendment to the legislation was tabled which would have ensured that such comprehensive data was included in the notifications form. The amendment sought the same data as that collected in the English HSA4 form. But the government of the day rejected this motion outright, instead opting for limited data collection. Had that amendment been taken on board at the time, we would have a far clearer picture of the trends and realities of abortion in Ireland. While it is welcome that the HSE has recognised the importance of comprehensive and accurate data collection, this should have been a key component of abortion policy since the law became operational seven years ago. – Yours, etc, EILÍS MULROY, Pro Life Campaign Dublin 2. Sunny disposition Sir, – Concerning falling birth rates, Breda O'Brien contrasts five European countries where the decline is not so steep (Denmark, France, Germany, Sweden and Britain) with four which are rock bottom (Greece, Italy, Portugal and Spain) ('Let's stop glorifying motherhood and glorify parenthood instead,' August 2nd). Could sunshine have something to do with it? – Yours, etc, SADHBH Ní SEACHNASAIGH, Galway. Gaza and showing compassion Sir, – Fintan O'Toole's latest article on events in Gaza is a lesson in what real journalism can and should achieve. It sits as a reminder to others that there is no such thing as 'silly season' when it comes to informing and educating the public. The homeless remain homeless, the poor remain poor, and the victims of war continue to suffer no matter the season. O'Toole's compassion and erudition is a beacon in a sea of mediocrity and long may he continue in his quest. – Yours, etc, PAUL GRAY, Drumcondra, Dublin 9. Sir, – Una Mullally is right: the passing of the Occupied Territories Bill by the Irish Government could well be a catalyst for a global boycott, divestment, and sanctioning of Israel (' Ireland can be a beacon with the Occupied Territories Bill, ' August 4th). As Israeli prime minister Binyamin Netanyahu considers a full takeover of the Gaza Strip and the starvation and killing continues, this legislation should be expedited as a matter of urgency – and it should include services (as recommended by the Oireachtas Joint Committee on Foreign Affairs and Trade). In this context, the Dáil and Seanad should be recalled during the summer recess for an emergency session to pass this legislation – which could coincide with a national day of protest, as suggested by a previous letter writer. Importantly, a national day of protest combined with legislative action in Leinster House on the same day should be accompanied by politicians and the public alike calling on Hamas to release all the hostages, to disarm, and to disband. The time for decisive moral leadership and action is now. – Yours, etc, CHRIS FITZPATRICK, Terenure, Dublin 6. Sir, – I agree with Diarmuid Ó Cinnéide (Letters, August 5th) that the publication of pictures of starving and emaciated children is both gut-churning and traumatising. However, these distressing pictures have dramatically served to increase the public and political outcry as to the urgent need for an end to these horrific conflicts. – Yours, etc. JOSEPH TUMMON, Circular Road, Galway . Looking busy Sir, – Greg Maxwell's letter (August 2nd) on the matter of 'The look of looking busy' and the experience of the late Sam McAughtry reminds me of my own experience many years ago, coincidently again in the Department of Agriculture but here in Dublin. I was assigned early in my civil service career to the minister's office and during the day, made a point of dutifully clearing my desk and ensuring that all files and correspondence were dealt with . On one of these days, the deputy secretary general of the department stopped, looked at my pristine desk, and his advice was: 'Never sit at an empty desk, always have a significant number of files at hand, at least two open, and avoid looking up or interrupting your close scrutiny of all these documents.' I took his advice but I doubt if my career blossomed to the same extent as Sam's. – Yours, etc, MARTIN McDONALD, Terenure, Dublin 12. Speeding motorists Sir, – Travelling to Donegal from Dublin and back again over the weekend I was amazed at the complete disregard by a very large number of my fellow motorists for the speed limit on our roads. Each time I went over the speed limit by two or three kilometres my car emitted a reminder to inform me of my transgression. As I slowed down to the appropriate kilometres per hour I was on each occasion overtaken by several cars travelling at a much greater speed. – Yours, etc, MARY DALY, Rathfarnham, Dublin. Protecting the red fox Sir, – I commend to all, John Fitzgerald's excellent letter 'Protecting the fox', August 5th. Ireland, due to its geography, has a dearth of natural fauna and is fortunate to have foxes, a beautiful and intelligent animal, which has sadly been persecuted in the past. Urban dwellers are now favoured by the presence of these animals, giving children the opportunity to observe nature close up. Foxes also do much to keep rats under control and contrary to ill-informed prejudice do not spread of disease. We should admire and protect our fine red foxes. – Yours, etc, Dr D O'BRIEN, Rathfarnham, Dublin 14. Sir, – While I share John Fitzgerald's opposition to hunting foxes with dogs I do not agree with his assertion that: 'The hound is not a natural enemy of the fox. Both are dogs. Hence, the need to train novice hounds to hunt foxes from an early age.' I have owned dogs of various shapes and sizes for many years and found that they, unfortunately, required no training at all to chase after foxes; in fact it would have required some intensive training to stop them from doing so. While foxes and domestic dogs are from the same family of mammals, their evolutionary paths diverged millions of years ago. – Yours, etc, KATHERINE QUIRKE, Dún Laoghaire, Co Dublin. Supermarkets and food recalls Sir, – It appears that the supermarkets are keeping a low profile in relation to the listeria infection. While I do not have a loyalty card, I, nonetheless handed back my suspect chicken jalfrezi to the customer services desk of my local Tesco and was refunded the ¤4.25 in cash without question. – Yours, etc, TONY CORCORAN, Dublin 14. Front gardens Sir, – Louisa Moss draws attention to the environmental dangers involved in building small homes in back gardens (Letters, August 6th). In recent years many front gardens in suburban areas have been replaced by cobble lock and tarmac, neither of which is permeable, thus leading to direct run-off and local flooding. If houses are built in back gardens there will undoubtedly be an increased demand for car parking in front gardens with the consequent demise of the already threatened hedges, shrubs and small trees which contribute so much to urban biodiversity and help prevent flooded drains. – Yours, etc, LOUIS O'FLAHERTY, Dublin 9.
Irish Times
7 hours ago
- Irish Times
Miriam Lord: People discarded jackets in the heat, but Princess Anne was clad in scarf and gloves
After 14 years in Áras An Uachtaráin , Michael D Higgins is well into the not-long-now phase of his presidency. Not everyone says it when they meet him, but it's what they are thinking. On Wednesday morning, as journalists gathered in the State Reception Room in advance of a courtesy call from the United Kingdom's Princess Anne , the impending arrival of a new tenant in the President of Ireland's official residence concentrated minds. Some were already feeling a bit nostalgic for the Michael D days. ' Not long to go now ,' they sighed, before joining the speculation over his successor. READ MORE His term of office ends officially in early November. And a date for the presidential election has yet to be announced, but the pre-race rumour mill is now running at full silly season tilt. Not long now. British media outlets were describing the visit as possibly Michael D's last engagement with a 'senior royal'. Princess Anne was in town to visit the Dublin Horse Show , so she took the opportunity to nip up to the Phoenix Park to pay her respects, like her mother did before her during that historic state visit in 2011. It was a very low-key affair, but statements released afterwards by the Áras and the British embassy underscored what ambassador Paul Johnston called 'the deep and enduring friendship between the United Kingdom and Ireland'. Although we may be a proud Republic, the royal family across the water has long been a rich source of gossipy fascination and diverse entertainment. And of that extended Windsor clan, Princess Anne (she turns 75 in a week and a half) seems to be viewed as a generally sound, no-nonsense, hard-working member of the firm. There was a lot of media interest in her visit. She was greeted on arrival by Orla O'Hanrahan, secretary general to the President, who escorted the Princess Royal to the door of the State reception room via the Francini Corridor, where Michael D and his wife Sabina were waiting, along with a small media pack corralled down the back. Anne barrelled in, smiling, her black leather shoulder bag tucked under her oxter. Following the example of other female royals when they visit the Emerald Isle, she wore a longline linen blazer and skirt in contrasting shades of green. Michael D pointed to the gold broach on her lapel. 'That's very appropriate,' he said. It was hard to see it from the back of the room. What was it? Maybe a little bottle of stout, what with Guinness's brewery only across the river. Or perhaps a deer eating a bag of crisps, as we were in the Phoenix Park. It was a horse. No surprise there. The weather was very muggy and people were discarding jackets and fanning themselves with their press handouts. But Princess Anne wore a light scarf around her neck and a pair of navy gloves. Swear to God. Gloves! That's roy-lity for you. There was some small talk about the weather with the princess remarking that it was a little warmer than the last time they met. 'A better time of year.' The last time she was on an official visit was in April 2019 when she toured several lighthouses in Dublin Bay. According to reports, she wore 'a navy coat with matching beanie'. In March last year, she watched the Ireland vs Scotland Six Nations rugby match along with President Higgins in a chilly Aviva Stadium. Back at the Áras, Michael D invited his guest to sign the visitors' book. It's very large. The princess removed a glove and then fished a pen out of her bag. Less is more? Princess Anne's signature on the visitors' book. 'She brings her own biros!' whispered an onlooker, thrilled. It certainly was not a biro. 'I don't want to waste the whole page,' said Anne. 'You deserve a whole page,' replied the kindly Sabina, who, incidentally, wore an elegant pale blue and white lace appliqué skirt with a crisp white blouse. Michael D was in the presidential three-piece, but not the trademark tweed one because he would have melted on to the carpet in front of a senior royal and we couldn't have that in front of the neighbours. Anne signed with a flourish and took some time doing it. After she left, we had a gander. Frankly, we were somewhat disappointed. There was no message at all. Not even something like: 'You have the place gorgeous' or 'Loving your work' or 'Missing you already'. 'Anne. 6th August 2025' is all she wrote. That's roy-ilty for you. Princess Anne during her visit to the Áras. The princess put her pen back in her bag, which she tucked back under her arm and then put the other glove back on. The President, his wife and the princess posed for photographs in front of the desk. The small talk was wonderful. And while Anne didn't actually say: 'Not long now', to the soon-to-depart Higginses, she did note that Michael D has been in office 'quite a long time'. 'Fourteen years,' he said, stoically. 'But not for much longer,' added Sabina. The extensive gardens outside the French windows looked stunning. They will miss them. Beautiful floral arrangements of big, blowsy dahlias brought the summer inside. 'Do you spend all your time here?' asked Anne, who has several extremely large homes within the family to go to. 'All the time,' said Michael D. 'All the time,' said Sabina. 'It's a nice spot,' replied Anne. They retired to the President's study for an official 'tete-a-tete' before being escorted to the drawingroom, where the two entourages held a brief meeting. 'It was a pleasure to renew my conversations with Her Royal Highness Princess Anne, The Princess Royal, and to recognise the significant contribution which she has made over so many years to the relationship between our two countries,' said the President afterwards. 'I was also pleased to recognise the contribution which The Princess Royal has made to equestrian sports over the years, as well as to related learning and therapy services. I further took the opportunity to extend my best wishes to His Majesty King Charles and to recall his unwavering support for peace and reconciliation.' There was no sign of Misneach, the President's dog, but as the 50-minute meeting inside the Áras continued, a very friendly black and white cat pootled across the courtyard before sidling in the front door and sashaying off in the direction of the Council of State Room. President Michael D Higgins poses for a photograph with the Princess Royal before she left Áras an Uachtaráin for the Dublin Horse Show. Photograph Nick Bradshaw Minutes later, a shout emerged from beneath the portico: 'How did you let this intruder in?' The large number of plain-clothes officers waiting outside looked up to see a senior detective assigned to the President striding forward with the housebreaking moggie in her arms. There is a definite feeling of things winding down in this particular presidency, although Micheal D is still packing in the public appearances. He will be at the All-Ireland camogie final at the weekend, marking his final appearance in Croke Park as President. The VIP guest was waved off by Michael D and Sabina. There was no pomp and ceremony. Anne walked briskly to her Range Rover and was whisked off to Ballsbridge and the Horse Show, where, among other things, she presented rosettes to the winners in Class 20 of the Small Hunters competition. As for Michael D, 14 years and not long to go now. It's a lifetime job for Princess Anne. She must be jealous. But that's roy-lity for you.
Irish Times
7 hours ago
- Irish Times
No Irish leader exerted as much global influence as Daniel O'Connell, commemoration hears
No Irish leader has exerted as much international influence as Daniel O'Connell with his Catholic emancipation campaign resulting in him being hailed a hero by all who believe in liberty, Taoiseach Micheál Martin has said. Mr Martin said that the success of 'the Liberator' in campaigning for Catholic emancipation in 1829 led to people all over the world looking to Ireland for inspiration about how to bring together oppressed people to achieve dramatic breakthroughs. The Taoiseach was speaking at a State commemoration at O'Connell's ancestral home in Caherdaniel, Co Kerry, to mark the 250th anniversary of his birth. He said aside from being 'an inspiration to many Catholic communities who faced discrimination and repression around the world, he was also an icon for others, in particular Europe's Jewish community'. 'And of course he was a leader and a symbol of hope for those who were campaigning for the abolition of slavery wherever it was to be found,' said Mr Martin. He added that O'Connell and Ireland's story was followed closely by newspapers and journals worldwide. READ MORE Mr Martin said it would be wrong to think O'Connell cared only about Catholic emancipation as his focus was on oppression generally. ' He believed that members of all religions and in all countries should have the right to fully participate in the professional and political life of the state. 'He was not looking for supremacy, but for equality and respect. And to achieve it he built an organisation the like of which the world had never before seen. There had been many popular risings in world history, but there was no example of a mass democratic political movement before.' He said O'Connell brought all the fire and determination that had characterised his legal work to the cause of Catholic emancipation, and, as he grew older, he became much more personally and deeply committed to his faith. Taoiseach Micheál Martin officiated at the commemoration marking the 250th anniversary of the birth of Daniel O'Connell. Photograph: Maurice Gunning Mr Martin said O'Connell does not simply represent a distant part of Irish history but his tireless campaigning seeking to unite the Irish people behind the shared values of solidarity and justice means he remains an inspiring beacon for Irish people today. The event, at the OPW-managed Derrynane House, was attended by 200 invited guests, including Minister for Culture Patrick O'Donovan, who also spoke of O'Connell's continuing relevance in the modern world. 'The world can be a turbulent place, and it can appear to be worsening. Daily we see breaches in civil rights, famine and wars. We can draw strength from our past. We can remember what we have already overcome, we can look to the example of O'Connell. [ Daniel O'Connell would have enjoyed his life being celebrated 250 years on, says historian Opens in new window ] 'And when we do, we can see what one man was capable of achieving through peaceful means, and how his success motivated so many others in the global pursuit of civil rights and democratic reform,' said Mr O'Donovan. Among the guests, which included many public representatives, were more than 20 of O'Connell's descendants including his great-great-great granddaughter, Emily Lenehan, who delivered a reflection on her illustrious ancestor on behalf of the O'Connell family. The ceremony concluded with Mr Martin unveiling a commemorative plaque to O'Connell carved from Valentia slate and the planting of an oak tree, for which he was joined by two of O'Connell's youngest descendants, Finlay (12) and Charlotte Davidson (six). [ TV aerial in Daniel O'Connell stamp is a 'visual signal' to the modern age, not AI, says An Post Opens in new window ]
