Builder to sell 56 units in docklands to council for €22m
One of the country's largest residential builders, Glenveagh, is set to sell 56 apartments in Dublin's docklands to Dublin City Council for €22m for social housing.
This follows An Bord Pleanála giving the green light to Glenveagh to construct 554 apartments at a site at East Road, near both the International Financial Services Centre (IFSC) and the so-called "Silicon Docks".
The builder has put the €22m value on the apartments as a result of planning requirements to provide a portion of new developments toward social housing.
In a letter to the city council, director at Glenveagh Living Limited, Shane Scully, said that the 56 apartments included 35 two-bed apartments at an estimated cost of €454,446 each to the council.
In addition, Mr Scully has put a price tag of €296,821 to the council on each of the 21 one-bed apartments.
Mr Scully said that the contents of the letter "are purely indicative and intended to provide a reasonable estimate of the costs and values of the units".
Glenveagh and the council will now enter talks on completing a deal.
Elsewhere, An Bord Pleanála has refused planning permission for 609 residential dwellings near Saggart because the density of the development was not high enough.
Earlier this year, Kelland Homes Limited and Durkan Estates Ireland Limited lodged the fast-track plans for the site at Boherboy on a site 1.3km east of Saggart village and south of Citywest.
However, having regard to the proximity of the Luas stops at Saggart and Fortunestown to the development, the board stated that the proposals would not be developed at a sufficiently high density to provide an acceptable efficiency in serviceable land usage.
The appeals board also refused planning permission as it found that the proposal resulted in a poor design concept.
It said the concept was substandard in its form and layout and lacked variety.