Business Property & Mortgages

Tuesday 25 October 2016

Nama backs massive housing project by developer Sean Mulryan

Published 11/08/2016 | 02:30

Sean Mulryan of Ballymore Developments
Sean Mulryan of Ballymore Developments

Nama is backing a multi-million euro housing development by Sean Mulryan's Ballymore Developments in Co Kildare.

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Ballymore will build nearly 300 homes at a site in Naas.

It was granted permission in February by Kildare County Council for the huge development, which includes a mix of three and four-bedroom semi-detached and detached houses.

Company filings show that Nama's subsidiary, National Asset Loan Management, has taken a charge over the land on which the scheme will be built by Ballymore Developments.

The local Craddockstown Golf Course is adjacent to the project and had asked the council to omit planned houses that would have been close to the course. The trustees of the golf club appealed the council's decision to grant permission to An Bord Pleanála, citing a number of issues including the proximity of some of the houses to the golf course, their visual impact and traffic concerns.

However, the club withdrew the appeal last month. There was another appeal made to the development, but An Bord Pleanála ruled last month that the project could proceed.

The scheme will be built in two phases, with 124 houses being constructed in the first phase. The second cannot be started until the council signs a contract for the construction of a new distribution road.

Nama announced last year that it would fund the delivery of 20,000 residential units in Ireland by 2020. The plan requires a total outlay of €4.5bn.

Apart from projects in Ireland, Mr Mulryan has also been involved in major development projects in London.

Meanwhile, a popular Dublin pub which sold for €16m during the boom is back on the market for a price of €3.25m.

A key attraction in 2007 of the Addison Lodge in Glasnevin was the fact it was sitting on just over an acre of land in one of the city's most attractive residential areas, which is beside the Botanic Gardens and convenient for Dublin City University.

Rents for Dublin offices and industrial property are showing some of the fastest growth rates in Europe according to a CBRE survey of 50 countries.

But the office rent rises signal a drop in competitiveness which will not help IDA Ireland in its efforts to compete with other European cities which are seeking to attract office employers from London following Brexit.

Over the last 12 months prime Dublin office rents rose by 15.04pc to €618.90, which was the fastest growth rate among more than 50 cities in Europe, the Middle East and Africa (EMEA).

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