Approval clears way for vital new top-spec offices
Dublin City Council's decision to approve the construction of 18,000 sq m of office space and 100 apartments at 5 Hanover Quay is the latest move to fill up what vacant space remains around the city's docklands.
Importantly, yesterday's decision is a green light that cannot be overturned. The former Kilsaran Concrete site is covered by the dockland's Strategic Development Zone (SDZ) so the decision is final. This will not be mired in the planning process for years.
The company behind the development - Targeted Investment Opportunities - is essentially a joint venture between Nama, the US investment group Oaktree, and Westmeath construction firm Bennett Group.
It is likely Bennetts will be the contractor for the development. The Mullingar-based Bennett Group is one of the biggest contractors in the country. It has built a number of the best known office blocks in Dublin including Burlington Plaza and Guild House in the IFSC.
It has also built apartment blocks in Ireland and London.
TIO has some interesting names on its board.
One director, John Mulcahy, is a former head of asset management for Nama. He joined the TIO board some nine months after he retired from the state bad bank.
Barry O'Leary meanwhile was chief executive of the IDA until last year.