sunday 7 january 2018 -...

Special General Meeting

SUNDAY 7 JANUARY 2018

Agenda

• Introduction – Tommy McGrath (President)

• Proposal – Kevin McGrath (Treasurer)

• Q & A – Roy Cobbe (Chairman)

• Vote

SPECIAL GENERAL MEETING 210/12/17

IntroductionTOMMY MCGRATH

LEINSTER BADMINTON PRESIDENT

ProposalKEVIN MCGRATH

LEINSTER BADMINTON TREASURER

Motion“That the Branch agree to sell a site of 0.4 acres approximately at Terenure Badminton Centre, shown edged in red on the map attached to this Motion, to Coliemore Homes Limited for the sum of €1,450,000.00 (One Million Four Hundred and Fifty Thousand Euro) for the construction of seven houses thereon, subject to the obtainment of Planning Permission and further subject to access for the said development being provided at the rear of the site.”

Proposed by: Roy Cobbe (Leinster Badminton Chairman)

Seconded by: Kevin McGrath (Leinster Badminton Treasurer)

10/12/17 SPECIAL GENERAL MEETING 5


Terenure Badminton Centre

Proposed Area

Front Entrance

Proposed Entrance

Items• Questions Raised at Annual General Meeting 30th April

2017• Pre-planning Meeting with South Dublin County Council (SDCC)

• Site Valuation & Offers

• Site Access

• Proposed Expenditure of Funds

• Other Questions

• Site Offers• Victoria Homes

• O’Keefe & O’Rafferty

• Coliemore Homes


Pre-planning Meeting with SDCC• Requested a meeting with SDCC regarding the prospect of

planning being granted.

• Response was received only 6 months after initial submission and after numerous follow-ups by the Executive Committee.

• Written reply from SDCC gave no indication regarding the prospect of planning being granted and quoted the sections in the planning act that would have to be considered for approval of planning.

Site Valuation & Offers• Independent Site Valuation from Herman "White Estates" for a

valuation and property report dated 11th May 2017 . • The open market valuation was €1.5 million for 7-15 residential units.

In our case the maximum number of units would be 7.

• Requested Update from the Valuer 16th November 2017• Advised that land prices have varied little since initial valuation.

• House prices above €500,000 are stable.

• Advised that the site valuation remained the same at €1.5 million &

professional recommendation was to accept the Coliemore Homes offer.

• Offers for site in question (rear) €1.36m & €1.45m. Offer for

site (front) €585,000.


Site Access• Following the receipt and assessment of additional proposals

the option now preferred is for 7 houses to the rear with rear access only.

• Dividing wall separating the Centre and the houses.

• No use of the existing entrance/roadway/access to the centre.

• There would be no shared access/common areas.

• We had an offer to build 3 houses at the front with an offer price of €585,000, this offer was considered but rejected by the Executive in favour of a better offer with 7 houses to the rear with rear access. This was based on financial considerations and concerns about site access.


Other Questions • Is there a Capital Gains liability? No, as a not for profit organisation

any gain is exempt from Capital Gains Tax (TCS 1997 s 610 ans such

15 para,37).

• Will there be a financial cost to Leinster Badminton when building is

under construction? Cancelled events, less bookings due to

construction site and noise levels. No, we do not expect the works to

impede any events other than works we may undertake e.g. the

resurfacing of the carpark. Any works will be subject to LB tendering

process i.e. 3 quotes for any cost over €5k.



• Does receipt of funds affect grants that are approved but not drawn? No,

Capital sports grant application is not impacted by this project.

• If the site is deemed viable, is it best that the site is put up for sale to

attract competitive bidding? We don't know if the site is viable for

planning or not and the expense to put the site forward for planning is

not within Leinster Badminton’s finances. The Executive are happy to

proceed in this manner.

• Where do they intend to park the cars when there is a big event in

Terenure after the houses are built. Following the resurfacing of the

carpark there will be more usable car spaces available than we have at

the moment from current 48+ to 70+.

Site Offers• Victoria Homes (proposed to AGM April 2017)

• Front Access

• Rear Site

• €1,350,000.00

• O’Keefe & O’Rafferty• Front Access

• Smaller site at front

• €585,000.00

• Coliemore Homes

• Rear Access

• Rear Site

• €1,450,000.00


Coliemore Homes Ltd. ProposalOffer dated 20th October 2017.

• €1,450,000 (one million, four hundred and fifty thousand euro) for the development site. (See next slide).

• Subject to planning permission, standard terms & conditions, satisfactory title and contract.

• 7 houses, 1,500 sq. ft. each approximately.

• Accessing behind the Centre as set out on the drawing submitted with the proposals. (See next slide).

• Included in the offer is the cladding of the gable end wall of Terenure Badminton Centre by Coliemore homes.



Terenure Badminton Centre

Proposed Area

Front Entrance

Proposed Entrance

About Coliemore Homes Ltd.

“Coliemore Homes Limited has a number of successful projects completed to

date; we are currently working on four residential development sites in

Dublin, Harford Green, Baldoyle, Dublin 13 and Ardmore Green, Dun

Laoghaire, Co Dublin, Auburn Grove, Killiney, Co Dublin, Whitethorn,

Kinsealy, Co Dublin.”

• Registered as a Company October 2016.

• Directors Gareth Nolan & Matthew Lyster with significant property

development experience.

• In partnership with a number of investors.


Harford Green, Baldoyle, Dublin 13• First Irish development for

Coliemore Homes.

• Launched on Completion October 2017.

• 4 Homes – more than 200 enquiries to date in first week.

• Each house has 1,615 sq ftof space and is priced from €595,000

◦ [Source: Independent.ie , 20/10/17]


Ardmore Green, Ardmore Park, Dun Laoghaire

• Coliemore Homes Development.

• Launched on Completion November 2017.

• 4 Homes.

• Prices start at €635,000, with sizes from 1,080 sq ft.

◦ [Source: Independent.ie , 3/11/17]


Planning Timescale Following approval from Special General Meeting:

1. Exchange of contracts (approx. 4 weeks)

2. 6 weeks for application from time of contract signing.

3. 6-9 months from application to decision.

• In the case of additional information request from Council or an appeal to An Bord Pleanála, the contract will stipulate appropriate steps.

• Progression timescale will be set in the contract i.e. if project is not progressed within the agreed time the contract will be considered null and void and Leinster can retain site or offer to another prospective buyer.


The Agreement• Number and type of units will be specified in the contract.

• Proof of finance confirmed.

• Coliemore Homes will be bound by the terms of the contract on the price regardless of any change in property values.

• Full payment will be received on planning approval and prior to commencement of works.

• A deposit of 10% payable on signing contract with an agreed deductible but non-refundable sum to be retained by Leinster Branch in the event of the planning being refused or contract not completed within agreed timeframe.


Proposed Expenditure of Funds• Pay off existing bank loan. [Approx. €250,000]

• Undertake a full building survey of Baldoyle and Terenure Centres and allocate a budget to each centre for capital works. [Approx. €200,000 per Centre = €400,000 Total]

• Resurface the carpark Terenure Centre. [Approx. €200,000]

• IT Investment in Leinster Centres (streaming equipment, computers & umpire equipment etc.) [Approx. €15,000]

• Contract & Miscellaneous Expenses [Approx. €15,000]

• Investigate the possible development of a 3rd Leinster Badminton Centre

Based on savings of €60,000 per annum of existing loan repayments (See #1):

• Suggest hiring a Development Officer & Allocating a Development Fund. [Approx. €35,000 per annum]

• Coach Development [Approx. €10,000 per annum]

• Year on Year Future Expenditure Support/ Contingency Fund [Approx. €15,000 per annum]



21%

27%

14%

36%

1% 1%

Proposed Expenditure of Funds

Bank Loan Repayment

Leinster Centres Survey &Capital Works

Terenure Centre CarparkRe-surface

Development of NewLeinster Centre

IT Investment

Contract & MiscellanousExpenses


This proposal is recommended for your acceptance by the

Executive of the Leinster Branch.

Thank you.

Q & AROY COBBE

LEINSTER BADMINTON CHAIRMAN

Motion“That the Branch agree to sell a site of 0.4 acres approximately at Terenure Badminton Centre, shown edged in red on the map attached to this Motion, to Coliemore Homes Limited for the sum of €1,450,000.00 (One Million Four Hundred and Fifty Thousand Euro) for the construction of seven houses thereon, subject to the obtainment of Planning Permission and further subject to access for the said development being provided at the rear of the site.”

Proposed by: Roy Cobbe (Leinster Badminton Chairman)

Seconded by: Kevin McGrath (Leinster Badminton Treasurer)

YES (Approve) or NO (Reject)


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