W2C-019 Leinster Leader-3.txt
New office cost almost a million
by LIAM KENNY
THE accumulated cost of the finished Naas Credit Union premises at No. 20 North Main Street has approached the one million pound mark. In a detailed breakdown to members at the AGM on Saturday night last the Credit Union directors calculated a total cost of £ 945,000 for the premises.

More than £ 200,000 was swallowed up by work on two ill-fated designs which envisaged the total demolition of the old Marum's premises and rebuilding of new structures. The first envisaged total demolition and the building of an architecturally imaginative new office building. This was dropped when it was realised that it was not acceptable to the Naas planning authorities. The second involved demolition and rebuilding to a more traditional design.

Eventually this too had to be abandoned over engineering issues involving other properties but not before the Credit Union had spent £ 113,478 on architect's and engineer's fees and another £ 30,000 on a contract settlement to the builder in addition to other costs.

A third course of rebuilding within the framework of the existing Marum's premises had to be adopted in early 1993 which resulted in the present offices in August and cost £ 503,973 plus £ 75,182 for fixtures and fittings.

The cost of the Marum's site purchased in October 1988 was £ 188,427 of which £ 26,550 was recovered through the sale of the publican's licence leaving an actual site cost of £ 161,877. A further £ 77,000 will be clawed back by the Credit Union through the sale of its old offices at No.32 North Main Street, leaving the net cost of the Credit Union's property transactions over the past six years in the region of £ 870,000.

Fortunately the Naas Credit Union's financial performance is so strong - a reflection in turn of the popularity of its services - that it has been able to absorb such exceptional costs while at the same time granting dividends of up to five percent to members and transferring significant amounts to its reserve accounts.
