Nama on course to develop 2,000 Docklands apartments

The state-controlled 'bad bank' says building is already under way

Donal O'Donovan and Paul O'Donoghue

Nama says it is on course to develop around 2,000 residential units and a huge swathe of high-end offices in Dublin's Docklands.

Nama and receivers appointed by the agency control about 75pc of the 22 hectares of development land in the area, which sits between Dublin city centre and the sea.

The state-controlled 'bad bank' says building is already under way. It will deliver about 1.3 million square feet of mainly high-end commercial offices and 1,000 apartments.

In addition, planning permission has been obtained or is sought for an additional 1.2 million square feet of commercial development space, including offices, hotel accommodation and 970 student accommodation beds in addition to 226 residential units.

While Nama is the biggest property player in the Docklands area, private sector developers are also active and buying some sites from the agency.

Stock market-listed homebuilder Cairn Homes said yesterday that it is acquiring a site at Hanover Quay in the Docklands for €18m. It said the acquisition is expected to be complete early next month.

It said the site will allow for the development of "in excess of 100 apartments".

Achievement

There is existing planning permission, which Cairn said will allow it to begin construction this year.

The site has been acquired from a so-called sub-fund of Targeted Investment Opportunities ICAV, which counts Nama, Bennett Construction and Oaktree among its partners.

Cairn chief executive Michael Stanley said the Hanover Quay site represents a "key achievement for the company."

"It provides Cairn with the opportunity to provide much-needed quality homes in the Dublin business centre and Silicon Docks area of the city, which has a particularly acute demand for new homes."

Cairn raised €400m for investment at its stock market debut last June - raising gross initial public offering proceeds of €440m - and an additional €200m in fresh equity and debt last month.

Cairn shares began trading at €1.05 each in June and closed yesterday at €1.20.