Dáil Éireann Debate, Tuesday - 2 November 2021
270. Deputy Chris Andrews asked the Minister for Finance if he will engage with NAMA on the issue of NAMA transferring its interest in the glass bottle site, Ringsend to Dublin City Council in order to provide the 600 social and affordable homes that were committed to; and if he will make a statement on the matter. [52635/21]
View answerThe Poolbeg West SDZ Planning Scheme includes a requirement for 25% of the residential units delivered in the SDZ to be reserved for social and affordable housing, comprising 10% Part V social housing and 15% affordable housing. The former glass bottle site located in the SDZ has the potential to provide up to 3,800 residential units (including 25% social and affordable homes) and approximately 1 million sq. ft. of commercial development, as well as educational facilities, public open spaces, civic spaces and other community amenities.
I am advised that there is a planning application currently under consideration by Dublin City Council for the first 600 residential homes at the former glass bottle site. This application includes a provision for 90 affordable homes and 62 social homes – the requisite 25% as required by An Bord Pleanála’s grant of planning condition. Planning applications for later phases of residential development will also be required to provide for 25% social and affordable homes per the Planning Scheme. In total, it is expected that 950 social and affordable homes will be delivered on the site.
In June 2021 following a comprehensive international open market campaign, a consortium of Ronan Group Real Estate, Oaktree Capital Management, and Lioncor Developments (“the Consortium”) acquired a controlling 80% shareholding in the company which owns the glass bottle site for €200m. NAMA maintains a 20% minority interest. The development of the site) will be undertaken by the Consortium.
I highlight for the Deputy that NAMA is progressing its objective of facilitating the development of the former glass bottle site, including the delivery of the social and affordable homes, to achieve the maximum return to the taxpayer. I am satisfied that NAMA has the requisite resources, skill and experience to progress the development at this time. The transfer of NAMA’s 20% shareholding to a suitable State body is a matter that I may have to consider in conjunction with NAMA as the Agency winds down in 2025.
