- 20,000 new homes planned
- Dublin docklands to include offices, retail and student accommodation
- Terms agreed on mixed-use Boland’s Quay project
Ireland’s National Asset Management Agency is seeking joint venture partners to co-fund and construct office and residential space in Dublin worth more than £5bn.
NAMA said it wanted to build more than 4 million sq ft of commercial space in Dublin’s docklands and 20,000 new homes in Ireland.
It put the cost of the residential programme at €5.6bn (£4bn) with the proceeds raised through sales to be reinvested in ’commercially viable projects’.
Its Docklands development programme will cost around €1.9bn (£1.4bn).
In a statement, NAMA said: ”In an effort to de-risk these programmes and to maximise the contribution of the alternative funding, development and construction sectors, NAMA will look for JV partners interested in the co-funding and construction of projects.
”With that in mind, NAMA will formally seek, in January 2016, ‘expressions of interest’ from potential partners for its residential delivery programme.”
The agency said it would “explore all financing options” for each site, which could include NAMA funding all of the construction work, co-funding with other lenders, or establishing project-specific joint ventures with major investment or construction groups.
NAMA was established by the Irish government in 2009 in response to its banking crisis.
It effectively acts as a ‘bad bank’ and was set up to rid banks of toxic loans.
By the end of 2013, NAMA had sold more than €8bn (£5.8bn) of British assets, including €6.4bn (£4.6bn) in London.
In September, Hammerson and joint venture partner Allianz Real Estate agreed a €1.85bn (£1.2bn) deal with NAMA to acquire retail centre the Dundrum Town Centre, as well as a 50 per cent stake in two other Dublin-based shopping centres, the ILAC Centre and Swords Pavilions and further strategic development sites.
What’s planned at Dublin’s docklands?
- 15 new city blocks
- Almost 4m sq ft of office space
- 66,000 sq ft of retail space
- 2,000 new homes
- 13,000 sq ft of restaurant space (in schemes granted permission)
- 18,000 sq ft of new cultural and community space and high-quality civic plazas (in schemes granted permission or where planning has been submitted)
- 1 major new street
- Building cross-river access to DART rail line from North Dockland
- Building cross-river access to LUAS tram network from South Docklands
- Ireland’s biggest-ever student accommodation block
- Dublin’s tallest office block
It said up to 30,000 jobs could be created at the peak of construction.
NAMA chairman Frank Daly said: ”NAMA has committed itself to funding the delivery of much-needed office space and quality homes and, in doing so, it hopes to leave a lasting and positive legacy for the coming decades.”
”We are proud to be in a position to use NAMA’s unique blend of property and financial expertise, funding capability and scale to benefit the taxpayers the Agency was set up to serve.”
NAMA chief executive Brendan McDonagh said: ”We are making the Dublin Docklands a better place to live, work, invest and create jobs and are on track to make a significant contribution to delivering large numbers of quality new homes where people need them.
“This is an ambitious commercial programme but we are confident that we can deliver. We look forward to building on our successful track record of creating significant value for the taxpayer and asset managing our secured assets in the best way possible.”
New homes programme
- 20,000 new homes
- 13,200 units already identified as commercially viable at this point; others to become viable following intensive planning and asset management work and infrastructural spending.
- Focus on 3 and 4-bed starter homes
- Programme will include high-quality dual-aspect apartments in city centre locations
- 78% will be in Dublin
- 15% will be in counties Meath, Kildare and Wicklow
- 7% in other areas where demand is proven
NAMA has also committed €170m (£122m) funding of the Boland’s Quay project which will be developed by Savills.
The scheme includes:
- 2 landmark office buildings of 274,000 square feet
- Retail and commercial space of 15,000 square feet
- Extensive restoration of protected structures
- 2 new civic plazas with water frontage to Grand Canal Dock
- A new pedestrian bridge to provide walking routes from Barrow Street/Google European headquarters through the site
- Cultural/community space of 5,910 square feet
Demolition and enabling works will take place over the next 10 months and funding has been committed to all construction work on site with work expected to complete by Q3 2018.
Receiver Mark Reynolds of Savills said: ”This will be one of the most significant construction projects this city has seen over the past 10 years and it has been supported by the SDZ fast-track planning scheme introduced by Dublin City Council, which has seen us bring the project from planning stages to development in less than a year.”