Business Irish

Saturday 21 April 2018

Crean's Marlet set to clear Dublin site for 1,500-apartment project

Marlet’s Pat Crean. Photo: Jason Clarke Photography
Marlet’s Pat Crean. Photo: Jason Clarke Photography
John Mulligan

John Mulligan

Pat Crean's Marlet Group is planning to start demolition of a number of large buildings on adjoining sites in south Dublin where it's been estimated as many as 1,500 apartments could be built.

Marlet acquired the 6.9-hectare site last year with backing from M&G Investments, a unit of insurance group Prudential.

It included three separate parcels of land located beside a Luas line and close to the centre of Tallaght.

They include a former two-storey Uniphar premises that extends over 7,780 sq m, and an associated office building extending over 1,033 sq m.

It also includes the three-storey Belgard House that encompasses 9,706 sq m, and the two-to-three-storey Belgard Square, which extends over 11,362 sq m.

Marlet intends to demolish all those buildings and has applied to South Dublin County Council for permission to do so.

Part of the combined site had once been owned by one of developer Bernard McNamara's firms, which had paid more than €50m during the boom for the site.

It was reported last year that Marlet is likely to have paid in the region of €16m for the three individual sites that make up the 6.9 hectares.

A former business partner of developer Greg Kavanagh, Kerry-born Mr Crean has been extremely active in the property market in the past couple of years.

Last month, Marlet secured planning permission to develop 420 homes on land formerly owned by the CIE in Dublin's Cabra.

The Cabra development is part of Marlet's so-called 'Dublin Living' scheme.

That's Ireland's largest ever Private Rented Sector (PRS) public offering, and includes 1,170 units across the capital on sites which it owns in conjunction with M&G Investments.

The 'Dublin Living' portfolio also includes sites at Mount Argus and St Clare's in Harold's Cross and at Bluebell.

The four PRS schemes will deliver a mixture of residential apartments.

They will include 750 two-bedroom units, 255 one-beds, and another 165 units being developed as three-bedroom units.

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