Beacon repair work bill rises to €20m
The expected cost of remediation work at the Beacon South Quarter apartment complex in Dublin's Sandyford has doubled to €20m, it is understood.
The work under way at the huge south Dublin apartment complex to fix fire safety, water ingress and other structural defects is still at an exploratory phase but it is believed that the cladding that covers the outside of the huge complex will need to be removed.
The management company was informed in recent days by engineers that the price of the work had doubled from previously reported estimates. Residents of the development - where apartments once sold for as much as €1.1m - are still unclear as to exactly how much they will have to pay towards the essential refurbishment work, although estimates suggest that it could be up to €15,000 per apartment. It is expected that insurance will cover a portion of the bill but not all of it, according to sources.
Neither property managers Aramark Properties, nor Nama-appointed receivers Mazars, which controls the complex, took the opportunity to comment after being contacted by this newspaper.
In March it was revealed that apartment owners at the complex, which was built in 2005 by developer Paddy Shovlin's Landmark Enterprises, were facing legal action from Dublin Fire Brigade if they did not undertake fire safety works. Property company I-Res Reit, the State's largest private landlord, owns a quarter of the apartments at the complex.
Meanwhile, it has emerged that up to 20 people are staying at a Dublin premises which has been described in the High Court as a potential fire danger and a risk to the general public as well as those living there. The people have been staying at the 24 Mountjoy Square property, which incorporates the premises known as 24 Charles Lane, over which a fire safety notice was issued last August.
Sunday Indo Business