Thursday 22 March 2018

Ex-Anglo's bid to develop top-class flats

THE former Anglo Irish Bank wants to develop two top-class apartments at a protected building in Dublin's inner city.

The Irish Bank Resolution Corporation is applying for planning permission for the development at 50 Mary Street, to Dublin City Council.

It is understood the IBRC wants to let or sell the two apartments once they are built.

The IBRC took over legal ownership of numbers 49/50 and 51/52 Mary Street after the original publican owner defaulted on payments.

Since then, two ground-floor restaurant tenants, Nandos and Polanaise, have taken up leases in the buildings.

The planning application for the two apartments at number 50 is understood to be the latest in a series of applications for the site.

Dublin City Council said that 50 Mary Street is on its protected structures list because it is an early 18th century building with a panelled interior.


In its planning application, the IBRC says it wants to carry out internal alterations, including providing new bathrooms "to restore its character, including restoration of joinery and plasterwork throughout".

A new roof garden is also to be provided, set back from Mary Street.

Anglo Irish changed its name to IBRC Ltd following the transfer of the business of Irish Nationwide Building Society last July.

It describes itself as an asset recovery bank and as an asset manager of portfolio sales and redemptions. Anglo Irish Bank chairman Alan Dukes estimated last September that the final cost to the taxpayer to deal with the bank was around €25bn.

Irish Nationwide Building Society had been effectively nationalised in August 2010 after receiving a €5.4bn Government bailout, while Anglo Irish was taken into state ownership in January, 2009.

The two were merged last July.


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