herald

Sunday 17 December 2017

NAMA to revamp Boland's Mill site with €200m project

THE historic Boland's Mill site in Dublin is to be redeveloped by NAMA into a €200m office and residential scheme.

The derelict site - the scene of fighting during the 1916 Rising, when it was held by men under Eamon de Valera - is considered one of the most valuable pieces of development land in the country.

It will form part of an ambitious plan by the State-owned agency to create the capital's version of London's Canary Wharf in the docklands.

NAMA has outlined how it opted to become the master developer for its sites in the area, rather than selling them, to ensure the land would be built on and that the projects would be coherent.

It will seek to knock down concrete silos and install three towers of up to 15 storeys.

NAMA took control of Boland's Mill in 2012, appointing Glenn Cran and Mark Reynolds of Savills as statutory joint receivers to Versus Ltd, the property company that had controlled the building.

The site at Grand Canal Dock in Dublin 4 covers about 1.7 acres. It collapsed in value by 84pc following the property market bust, from €61m in 2007 to €9.9m in 2009, according to accounts filed by Versus.

The company had paid €42m for the Boland's Mill site and planned to develop 67 apartments, two houses, 13,284sqm of office space, as well as retail and leisure facilities on the land.

Anglo Irish Bank provided the original loans for the project but the debt has since transferred to NAMA.

The parent company of Versus, Benton Property Holdings, went into receivership in October, 2010.

The mill itself is a protected structure, originally built in the 1830s but added to over more than 100 years in use as a commercial mill.

NAMA wants to reinvigorate the docklands to rival international locations like Canary Wharf and Boston's Seaport.

comurphy@herald.ie

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