Sunday 18 August 2019

Nama seeking €125m for 80pc stake in Poolbeg West development scheme in Dublin

In May 2016 the Government designated the former Glass Bottle Company site at Poolbeg as a strategic development zone
In May 2016 the Government designated the former Glass Bottle Company site at Poolbeg as a strategic development zone
Nama chairman Frank Daly (right) and Nama chief executive Brendan McDonagh (Brian Lawless/PA)

Donal O’Donovan

Nama is seeking at least €125m for an 80pc stake in the huge Poolbeg West development scheme in Dublin, according to documents prepared for bidders.

The development on the old Irish Glass Bottle site will have 3,500 homes and a million square feet of commercial space.

The Dublin 4 scheme on the edge of the Dublin docks will be among the biggest ever built in the country.

Nama has formally invited expressions of interest from developers who’ll get an 80pc stake in Pembroke Ventures DAC, the company set up to develop the 37.2-acre site.

Sean Mulryan’s Ballymore Group and stock market listed builder Glenveagh are known to be interested in the scheme. International players like Hines are likely to look too.

Once built, 10pc of the housing units – expected to be mainly apartments – will be for social housing.

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Nama chairman Frank Daly (right) and Nama chief executive Brendan McDonagh (Brian Lawless/PA)

The site is with the Poolbeg West Strategic Development Zone (SDZ), which is eligible for planning under fast-track zoning rules.

The Planning Scheme for the SDZ was formally adopted by An Bord Pleanála in April 2019 and facilitates a mechanism for the fast-tracking of planning applications for development.

Nama will retain a 20pc stake in the project.

Nama chairman Frank Daly and Nama chief executive Brendan McDonagh said the scale of the development makes it unique.

“The development of Pembroke provides a unique opportunity to make a significant contribution to Dublin’s housing needs as it is one of the few large, centrally-located development opportunities in Dublin city,” they said.

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