Glenveagh in €22m docklands council sale
Glenveagh, one of the country's largest residential builders, has said it will sell 56 apartments in Dublin's docklands to Dublin City Council for €22.06m for social and affordable housing.
The apartments are part of plans by Glenveagh to construct 554 apartments at a site at East Road near to both the International Financial Services Centre (IFSC) and the so-called Silicon Docks area.
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The firm has put the €22m value on the apartments arising from its requirements under Part V of the Planning and Development Act which requires builders to provide a portion of new developments towards social and affordable housing.
Underlining the scale of the proposed deal, the €22m value just falls short of the €23.17m total Dublin City Council spent for all Part V housing across the city last year when it acquired 98 units in 17 separate developments.
The 554 apartments plan is currently before An Bord Pleanála.