Ballymore London plan gets go-ahead
DEVELOPER Sean Mulryan's Ballymore Group received a welcome boost last week with their plans for Leamouth Peninsula, a 10-acre site at the heart of the London docklands, being granted planning permission.
Ballymore's announcement that the €520m development will now get under way this autumn will be welcomed by Nama (and by Irish taxpayers), as approximately half the net proceeds are expected to flow back to the agency in full repayment of its debt.
Upon its completion, the Leamouth Peninsula is expected to include 1,706 new homes, as well as arts, education and sports facilities.
The site is being developed as part of a joint venture with a third party
The granting of planning approval for Leamouth should also serve to bolster Ballymore's hand in its negotiations with Nama.
The Sunday Independent understands from informed sources that the parties are edging closer to the agreement of a business plan, and that this is expected to be finalised in the coming weeks.
While Ballymore Properties is widely regarded as one of those most likely to survive the economic downturn due to the diverse geographical spread of its property portfolio, the requirement under legislation for it to have its Irish bank borrowings transferred into Nama makes the agreement of that business plan essential.