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€1.5m for Boland's Mills and Docklands

Approximately €1.5bn will be pumped into the Dublin Docklands, including Boland's Mill, in a bid to transform it to into the city's Canary Wharf.

The National Asset Management Agency (NAMA) is overseeing the project and is currently developing a plan where the disused flour mill and surrounding area will be turned into a low-rise version of the London financial district.

And NAMA's CEO says the project has been given lots of thought.

"This has been thought through and challenged to ensure it makes commercial sense," said the agency's CEO Brendan McDonagh.

"If you have 20 office buildings over 75,000 square feet and you build a 21st, that's speculative.

"If only one Grade A building is available and you build a second, that's not," said Mr McDonagh.

In terms of seeing exactly what is needed in terms of new office space NAMA will work with the Industrial Development Authority (IDA) Ireland.

To make sure there is no over-supply, NAMA and the IDA will team up to measure the demand.

"It's building blocks, one site at a time," Mr McDonagh said.

"Nobody's going to build 3.5m feet of new office space and hope they can be sold or leased. You might build 200,000 square feet and then talk to the IDA, and they can tell us if more is needed," he added.


The CEO also commented on a plot of land near Boland's Mill that is for sale, called Project Wave.

"It has been incredibly slow and disappointing the amount of activity going on down there given the prime sites," stated the NAMA chief.

Like everyone else in the country, Mr McDonagh added that "the one thing you want to see is activity".

Boland's Mills was the place where the rebels based themselves during the 1916 Easter rising.