Latest news with #RossMaguire
Irish Times
3 days ago
- Business
- Irish Times
Dublin City Council pays €2m a year for vacant hostel
An investment fund promoted by barrister and debt adviser Ross Maguire is receiving rent of €2 million per year from 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.'
Irish Times
3 days ago
- Business
- Irish Times
Investment fund receiving €2m a year in rent from council for vacant hostel
An investment fund promoted by barrister and debt adviser Ross Maguire is receiving rent of €2 million per year from 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.'
Yahoo
11-04-2025
- Business
- Yahoo
Tech CEO reveals revolutionary 3D-printed homes built in 24 hours: 'The house will crumble before this one does'
Azure Printed Homes' 3D printing technology is ready for the challenges of a warming planet. CBS News reported on the California-based startup's goal to speed up recovery after extreme weather events. Recent wildfires devastated Los Angeles communities, destroying over 12,000 homes and causing an estimated $30 billion in losses. 3D printing could offer a rapid solution to build new, high-quality, and affordable homes. Ross Maguire, CEO of Azure Printed Homes, told CBS News that one of its 3D printers can print a 190-square-foot unit in only 24 hours. Three printers can print units over 500 square feet. In under two weeks, these finished units are delivered ready to use. The concept of a 3D-printed home has been around since 2021. The technology quickly generated interest in its potential to address the housing crisis. Azure was founded to reduce the complexity of the construction industry. Traditional construction is labor-intensive, costly, and time-consuming. Maguire and co-founder Gene Eidleman decided to shake things up, designing their own 3D printer and streamlined process. What sets Azure apart from similar companies is that it prints complete modules at its Los Angeles factory instead of a construction site. This allows it to work even faster. Automation is 70% faster than traditional home-building, according to Maguire. "That's the beauty of it being relatively automated from the beginning is that we kind of have to perfect it once and then we know that it can just repeat with that same precision," said Maguire. Customers can customize interiors and exterior finishes. The units are completed at the factory, adhering to local zoning and construction standards, and are ready to be delivered as soon as the foundation is set. Installation only takes a few hours. The average Azure unit costs about $35,000. The 3D-printed structure has no seams, which makes it leak-proof and insect-proof. Would you trust a home built by a 3D-printing robot? For sure Only if it was cheaper Only if it was faster No way Click your choice to see results and speak your mind. "It's so well-made that probably the house will crumble before this one does," said Bogdan Popa, a homeowner who spoke to CBS News. One of Azure's 3D-printed ADUs was delivered by crane to Popa's backyard. The walls of Azure's modules are printed using a material that is 60% recycled plastic. Maguire told CBS News that each unit contains the equivalent of 100,000 plastic bottles. Repurposing plastic that might otherwise pollute soil and waterways isn't the only eco-friendly aspect of these 3D-printed homes. Their efficiency offers an exciting alternative to a traditionally wasteful and dirty industry. Traditional construction is the largest emitter of harmful air pollutants, accounting for 37% of global emissions. Cement manufacturing alone is one of the biggest contributors to planet-heating pollution. The industry is extremely wasteful, with construction responsible for about a third of the world's waste. 3D-printed homes are already in use around the country; an entire community in Texas is being printed onsite. Azure is printing units for an extended-stay hotel in California. Soon, Azure's modules could be coming to a neighborhood near you. According to CBS News, the company has already taken $20 million in preorders. Join our free newsletter for weekly updates on the latest innovations improving our lives and shaping our future, and don't miss this cool list of easy ways to help yourself while helping the planet.
Yahoo
12-03-2025
- Business
- Yahoo
Azure Printed Homes Named SXSW 2025 Innovation Winner for Urban Experience
Azure's Sustainable 3D Printed Homes Chosen for Prestigious Award SWSW 2025 Innovation Award, Urban Experience AUSTIN, Texas, March 11, 2025 (GLOBE NEWSWIRE) -- The new year is bringing new expansion and accomplishment for Azure Printed Homes, a growing pioneer in sustainable 3D-printed small dwellings. As a first time SWSX participant, Azure was chosen in February as one of 5 finalists in 11 categories to exhibit their projects at the seventh annual Innovation Awards Finalist Showcase during SXSW 2025. At the event, the Finalist Judges named Azure the winner of the Urban Experience Award, which was announced and presented at the 26th annual SXSW Innovation Awards Ceremony on Monday, March 10 at the Austin Convention Center. Now in its third year of operation, the Los Angeles, Calif.-based company has grown rapidly as an innovation leader in the creation of 3D printed dwellings from sustainable materials. The company is ideally poised to address the growing need for affordable housing, transitional units, and glamping resorts that can be fabricated and established within four weeks from order to installation, at a price that is substantially lower than traditional construction. In addition to the growing market demand for Azure's innovative technology, the company is poised to assist the thousands of homeowners affected by the recent LA Fires, as noted this week on CBS Evening News. With Azure's help, these displaced and impacted owners can obtain Azure's homes cost-effectively and quickly to use during rebuilding, and as permanent homes. Said Azure CEO and Cofounder Ross Maguire, who accepted the award: 'Of all of the awards we've achieved during our three years of operating history, we are especially honored to receive this prestigious honor from SXSW – an organization that is renowned for its legacy of identifying and celebrating many of the greatest innovations in the world.' About the SXSW Innovation Awards The SXSW Innovation Awards recognize the most exciting creative developments in the connected world, celebrating a variety of technological advancements, achievements, and discoveries. The full list of 2025 winners and finalists is available here. About Azure Printed Homes Azure Printed Homes is a leader in 3D-printing studios, glamping units and homes from recycled polymers and fiberglass, dedicated to creating a more affordable and sustainable world. With three state-of-the-art 3D printing robots in its California factory and in a new Colorado factory opening in 2025, Azure Printed Homes leads the global industry in high- speed production, pioneering a new era of construction excellence. Customers can design their backyard studios, ADUs, and tiny homes through the company's online configurator, and Azure Printed Homes will print, prefabricate and deliver them anywhere in the US within one to four weeks, offering future-focused living spaces that enrich lives and invest in the planet's future. For more information, visit #SXSW #InnovativeConstruction #HousingCrisis #ConstructionTrends #3DPrinting #AdditiveManufacturing #Sustainability For more information, contact Cheryl Conner, SnappConner PR for Azure Printed Homes (801) 805-0160Cheryl@ A photo accompanying this announcement is available at in to access your portfolio
