DUBLIN CITY COUNCIL has approved a €150 million plan by Nama for Boland’s Mill.
The landmark site will be rebranded Boland’s Quay and see three new buildings constructed, while others will be restored.
The three new buildings will comprise approximately 36,851 square meters (about 397,000 square foot) of office, residential, retail and cultural space over a two-level basement.
A new civic plaza on the waterfront to Grand Canal Dock will be developed and a number of protected Mill buildings will also be restored.
Demolition works are to commence immediately, and the project is expected to be completed in two years.
The planning application, which was submitted to DCC in December 2014, is the latest to be approved since the Dublin docklands were designated a strategic development zone (SDZ).
Mark Reynolds, a director at Savills who is acting as the receiver, said the decision to grant planning permission for “one of the city’s most iconic sites” is “great news for the Docklands and Dublin as a whole”.
“The planning approval will now facilitate the examination of options regarding the provision of badly needed commercial and residential accommodation to meet pent-up demand from local occupiers and foreign direct investment.”
The Nama Board may now consider proposals from the receiver for funding or otherwise facilitating the development of the site.
Nama Chief Executive Brendan McDonagh also welcomed the decision, saying it shows the organisation’s commitment to “increasing the value of secured assets in our portfolio and maximising the amount we can recover for taxpayers”.
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