NAMA tabs Singapore developer to build office space in Dublin city centre for 5,500 workers
NAMA has tabbed a Singapore developer to build nearly 650,000 sq ft of office space in the centre of Dublin.
The agency said it had chosen Oxley Holdings as the preferred bidder for a 2.35 hectare site at 72-80 North Wall Quay, next to the proposed new HQ of the Central Bank.
The agreement will see Oxley buy a long leasehold interest with the right to develop and manage and sell the site. NAMA will retain the freehold.
As part of Oxley’s plans, the company will develop about 645,000 sq ft of office space which would hold about 5,500 workers. The company will also construct 200 apartments there.
Oxley will submit a planning application early next year with construction set to begin by the start of 2016.
This is Oxley’s first investment in Ireland. The firm beat off five other bidders including Irish and international developers. The tender process itself was known as “Project Wave”.
The North Wall Quay site is located within “Block 8” of the Docklands Strategic Development Zone (SDZ) Planning Scheme and has been designated under the SDZ as a block with a “focus on employment”, NAMA said.
NAMA chief executive Brendan McDonagh said the deal will “facilitate the provision of much-needed high-quality Grade A office space that will lead to further job creation, investment and economic activity in the Dublin Docklands, while maximising the value of this site for NAMA”.
Oxley boss CEO, Ching Chiat Kwong meanwhile said his firm was “delighted by the opportunity to invest in Ireland and to deliver a top quality commercial and residential development in Dublin”.
NAMA has retained the freehold on the site and will earn from the ground rent there for the foreseeable future.
Industry experts believe the freehold would be attractive to pension funds and the like when NAMA decide to sell it on.
Oxley is one of the biggest developers in the world. It very active in London, working with Sean Mulryan’s Ballymore to develop the Royal Wharf site in the city’s docklands. That 37-acre site is one of the biggest developments in the city with planning permission for some 3,400 houses and apartments, as well as a school and a host of commercial and retail properties.