Updated 5.10 pm
NAMA HAS ANNOUNCED that it has provided funding for the planning process for the development of the landmark Boland’s Mill site in Dublin’s south Docklands.
The joint receivers to the site will today submit a planning application for the development to Dublin City Council.
The application includes proposed office, café, restaurant, residential, cultural and retail development, totalling almost 400,000 sq. ft.
Much of the development will be office accommodation but it will also include 42 two- and three-bedroom apartments, a cultural and exhibition space, in addition to retail and restaurant space. The planning application says it envisages “the creation of a new urban quarter with new streets and open spaces, including a large public square, opening on to Grand Canal Dock”.
Boland’s Mill is an important landmark because of its history in the 1916 Rising.
There has previously been planning permission for an office building at the site, but Nama has been in charge of the mill since 2012.
The application marks is the first major planning application to be submitted since approval of the Docklands Strategic Development Zone (SDZ) Scheme in May 2014.
NAMA Chief Executive Brendan McDonagh said that the development “will be very positive not only in terms of bringing greater vibrancy to the South Docklands area but also in terms of addressing the shortage of quality office and residential accommodation in the Central Dublin Business District”.
The overall development costs for the Boland’s Mill project will be in excess of €150 million. Subject to planning approval, enabling and demolition work will commence in 2015. When complete the scheme will accommodate 2,300 office workers.
The development will be characterised by three newly constructed signature buildings, two of which will consist of office accommodation and one with residential accommodation in the form of two and three-bedroom apartments.
Finance Minister Michael Noonan added this afternoon that he discussed plans for the site with Nama. “I asked Nama to develop it and that’s what they’re doing,” the minister claimed.
There are very few sites in any modern city in Europe or the United States where there is so much available space on the Waterfront within walking distance to the centre of the city, so its a very valuable assets for the Irish nation.
Nama also confirmed this morning its redemption of senior bonds is more than two years ahead of schedule.
It will redeem another €1 billion tomorrow, bringing the total redeemed since the bad bank was set up to €16.1 billion.
Nama originally planned to reach this 50% target by 2016.
Additional reporting by Rónán Duffy
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