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Tuesday 23 September 2014

400-acre Carroll site to be sold in capital

Tom Molloy

Published 01/05/2014 | 02:30

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MORE than 400 acres at Cherrywood in Dublin, owned by developer Liam Carroll and with planning for thousands of houses, is likely to be sold soon, sources have said.

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The development site in south Dublin will probably be offered for sale after fast-track planning was granted by An Bord Pleanala in what would be the largest landbank to be sold in Dublin for years.

The site is valued at between €250m and €300m, the sources added. The land is part of a 890-acre parcel that was designated as a fast-track zone this week.

US venture funds and new Irish development companies are competing to snap up land and offices as confidence grows in the capital's economic recovery.

A site as large the Cherrywood site could go a long way to meeting the shortage of houses in south Dublin which is currently pushing up prices in the capital.

PLANS

More than 7,700 homes are planned for the wider Cherrywood site, together with a new town centre and office complexes, according to plans filed by Dun Laoghaire and Rathdown council.

The project is financed by UK-based Lloyds Banking Group, which operated here under the Bank of Scotland (Ireland) and Halifax brands; the National Asset Management Agency (NAMA); and Danske Bank, the sources said.

Mr Carroll was one of the country's biggest developers during Ireland's real estate bubble but has seen a number of properties seized by banks. He bought the Dublin land in 2002 and 2003.

The developer declined to comment on the Dublin land when contacted. Lloyds, Danske Bank and NAMA also declined to comment.

The development site would be the largest by area ever sold in Ireland, according to Marie Hunt, a director at property company CBRE.

Irish Independent

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