The premises on a 0.68 acre site at the corner of Sir John Rogerson’s Quay and Creighton Street, Dublin.
2000-2007: Site is acquired as part of a larger proposed development assembled by Bernard McNamara and Derek Quinlan.
November 2010: Nama take control of site
June 2013: Nama sells to Urbanest [student hostels] for €7.5 million
February 2014: Planning permission for hostel refused.
March-June: Urbanest sell to a “group of private investors” for €10 million
August 2014: Hibernia Reit purchases site for €17.5 million and will form part of a ‘larger development’.
Good times.
Anyone?
NAMA site was sold for double the price after barely a year (Peter FlanaganIndependent)
Sponsored Link
bob bushells
Hibernia Reit have also taken over the Wyckham Point development in Ballinteer which was left uncompleted when everything went down the proverbial waste pipe. The hoarding states that ‘luxury apartments’ will be available to rent only from May 2015. An investment property firm with a massive portfolio, paid €69 million for it, they’ll make that back in no time.
http://hiberniareit.com/portfolio-item/wyckham-place-wyckham-point-residential-investment-development-property/
Large firm with capital invests in market for potential returns on investment.
This is headline news stuff here.
*Sorry, €67 million. Still, what’s a couple of million here and there?
How much did NAMA pay for it?
We will ALL party
economic conspiracy theories, thought I was reading something from The Hub
The planning permission refusal by an Bord Pleanala for this site was incredibly frustrating. The site has been derelict for years and the intention was to build a student accommodation (for 3rd level students from any college/IT) which was to be managed and run like a hostel type by Urbanest. They have developed similar throughout the UK.
The Planning Inspectors report (final summary below if you are interested) indicates how the development was ideally suited to the site with regard to the scale of the building and the proposed use as well as providing much needed city centre student accommodation. The Board ignored all of the recommendations and proposed conditions of the inspectors report and denied permission.
The site remains derelict. Classic.
(P.S. No I don’t work for Urbanest, yes, the planning decision did have an impact on me, yes, I am still frustrated)
Having regard to the following:-
• The location of the site within the central area of the city and the south docklands, its proximity to a range of educational establishments and its accessibility by a variety of modes of transport;
• The Z5 zoning objective for the site, the policies and objectives to create a lively, active and secure pedestrian environment and the policies and guidance relating to the provision of Student Housing under the current Dublin City Development Plan;
• The planning history of the site and adjoining sites;
• The brownfield nature of the site and the established pattern of development
in the area;
• The nature and mix of uses and overall design of the building;
• The proposals to retain and incorporate Protected Structures into the
development;
• The provisions of the Planning System and Flood Risk Assessment Guidelines for Planning Authorities,
it is considered that the proposed development, subject to compliance with the conditions set out below, would be an appropriate form of development at this location
Is there a planning ref we can look at?
It’s at http://www.pleanala.ie/casenum/242357.htm