THE CENTRAL BANK has said it will take another seven years for it to vacate the old ‘Mint’ site in Sandyford which has been earmarked for up to 750 homes.
Housing Minister Darragh O’Brien received government approval this week to transfer nine additional sites, including the Currency Centre ‘Mint’ site, to the Land Development Agency (LDA).
The Currency Centre, which is under permanent security and surveillance, is a storage and distribution facility for cash services, though it’s understood that banknotes are no longer printed on site.
The government approved the full transfer of the site of the Currency Centre and agreed that the LDA would progress with the preparation of a masterplan for the land.
Previously, the LDA identified the potential capacity for 530-750 social and affordable homes on the site, subject to the relocation of the Central Bank operations in the ‘Mint’.
While it is envisioned that hundreds of homes will be built on the site just off the M50, the Central Bank of Ireland has to move off the land first.
The LDA was established in 2018 to help provide affordable and social housing by identifying suitable landbacks within public control.
A statement from the Central Bank to The Journal confirmed that it expects it will be at least seven years before a new cash centre is delivered in a different location.
“Until such time, operations will remain in Sandyford,” said a spokesperson for the Central Bank.
The Central Bank outlined its decision in December 2023 to develop a new cash centre in an alternative site in the greater Dublin area, as well as the disposal of the current site in Sandyford.
While it said the work is ongoing with the project and it is “proactively engaging” with the LDA in relation to the disposal of its current site in Sandyford so as to facilitate the earliest possible release of land, the Central Bank said it was not in a position to provide further information on any timeline.
The lands in Sandyford have been designated as a Class 2 site by the LDA. The body states on its website that it is estimated that a Class 1 sites may take up to six years for the delivery of homes, while Class 2 and 3 sites could take considerably longer.
The Department of Housing said in a statement that where sites are in operational use, such as in Sandyford, it takes time to source an alternative site allowing for vacation of the original land.
It added that securing planning permission for the site will also take time.
The department spokesperson added that housing developed by the LDA on State Lands is generally required to be solely for social and affordable housing.
“Having regard to that, the delivery of housing on the Sandyford site is expected to be a more medium-term pipeline prospect for the LDA,” said the department.
In a statement to The Journal, the LDA said it welcomes the government’s decision to approve the transfer of the Currency Centre in Sandyford to the agency for use for affordable and social housing.
“The LDA will continue to work closely with The Central Bank to facilitate the transfer of this land. The Agency will now begin drawing up plans for the site, beginning with the development of a masterplan.”
Of the nine sites transferred this week, the minister said there is a potential yield of between 2,800 and 3,330 homes.
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