Wednesday 17 January 2018

City council signs off on €450m docks plan

Nama chief executive Brendan McDonagh
Nama chief executive Brendan McDonagh

DUBLIN City council has signed off on the construction of huge office and apartment blocks in the docklands in a deal worth an estimated €450m.

The council gave planning permission for a development of 18,000 square metres of office space and 100 apartments at 5 Hanover Quay.

The move comes a month after it approved plans for 9,300 sq m of office space and 58 apartments on a neighbouring site at 76 Sir John Rogerson's Quay.

Both properties will be known together as the Reveal Developments, will cost about €140m and be worth an estimated €450m once completed. Most of the development will be for office space, but it will also include 42 two and three-bedroom apartments.

The developments are being run by a company called Targeted Investment Opportunities (TIO). That vehicle is a joint-venture of Mullingar-based construction firm Bennett Group, Nama and US investment giant Oaktree.

Savills and DTZ Sherry FitzGerald are the letting agents for the property.

Crucially, the development comes within the council's Strategic Development Zone for the area, so the planning decision cannot be appealed.

Construction is expected to begin by the end of this year, with first phases likely to be completed in 2017.

Oaktree managing director Justin Bickle said his firm was "delighted with the decision by DCC to grant planning approval for TIO at 5-6 Hanover Quay and 76 Sir John Rogerson's Quay in the Silicon Docks".

"The purpose of designating the area an SDZ was to facilitate fast-track planning applications for commercial and residential development - this proves that the system is working well in practice," he said.

"We now look forward to bringing these plans to life and ensuring the area remains a thriving hub for foreign direct investment."

Nama chief executive Brendan McDonagh said the project will deliver a commercial return for the taxpayer.

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