Saturday 22 October 2016

Planning permission granted for €150m development of Bolands Mills

Peter Flanagan Commercial Property Editor

Published 02/07/2015 | 14:56

Dublin City Council has given planning permission for a €150m development of the Bolands Mills site in Grand Canal Dock.

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Nama will finance a €150m mixed use development on the site, which was held by rebels led by Eamon de Valera during the Easter Rising in 1916.

The proposed development will provide 36,759 square metres (395,000 square feet) of office, residential, and retail space including cafes. restaurants and "cultural space".

Most of the development will be for office space, but it will also include 42 two and three-bedroom apartments.

Mark Reynolds of Savills, who is acting as receiver for the property applied to develop it in February this year as part of the Strategic Development Zone in the docklands.

Those plans have had to be amended however after concerns were raised by the council. Among the changes is the actual colour of the properties.

Mr Reynolds said: “Dublin City Council’s decision to grant planning permission for the development of Boland’s Mill is great news for the docklands and Dublin as a whole. The purpose of designating the area an SDZ was to facilitate fast track planning applications for much-needed commercial and residential development – this shows it has worked. The planning approval will now facilitate the examination of options regarding the provision of badly needed commercial and residential accommodation to meet pent up demand from local occupiers and foreign direct investment.”

Responding to the grant of permission, NAMA chief executive Brendan McDonagh said: "NAMA welcomes Dublin City Council’s planning approval for this key Dublin landmark site. The Agency recognises the positive and proactive approach of the City Council, both in approving the SDZ Scheme in 2014 and in progressing complex planning permissions such as this one, since then.   NAMA is committed to increasing the value of secured assets in our portfolio and maximising the amount we can recover for taxpayers. Our funding of this successful application for planning permission by the receiver demonstrates this commitment. It also shows what NAMA can do to facilitate high-quality developments in the South Docklands area and to accelerate the delivery of much needed office and residential accommodation in Dublin’s central business district”.

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