$150m plan to redevelop Boland's Mills docks site in Dublin
Dublin City Council has given planning permission for a €150m development of the Boland's Mills site in Grand Canal Dock.
Nama will finance a €150m mixed use development on the site, which is close to the area held by rebels led by Eamon de Valera during the Easter Rising in 1916.
The proposed development will provide 36,759 sq m (395,000 sq ft) 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 from brown to grey.
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."
Nama Chief Executive Brendan McDonagh welcomed the planning approval. "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," he said.
"Nama is committed to increasing the value of secured assets in our portfolio and maximising the amount we can recover for taxpayers," he added.
The site was bought by a company tied to developer Sean Kelly for €42m during the boom, but plans to build offices and apartments never got off the ground.