Dáil Éireann Debate, Tuesday - 24 January 2023
239. Deputy Eoin Ó Broin asked the Minister for Finance the engagement he has had with NAMA and or the Minister for Housing regarding NAMA's commercial interest in the land at the Poolbeg SDZ, and whether this interest could be transferred to Dublin City Council to ensure the delivery of genuinely affordable homes at that location as per the SDZ agreement. [3037/23]
View answerI wish to advise the Deputy that the 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. NAMA retains a 20% minority interest in a 37.2 acre development site located within the SDZ. A consortium of Ronan Group Real Estate, Oaktree Capital Management, and Lioncor Developments owns the controlling 80% stake in the site. The development site has capacity for up to 3,800 residential units, of which 950 will be 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. The development of the site is being undertaken by the Consortium as controlling shareholders.
I am advised that planning permission has been granted by Dublin City Council for 570 residential homes on the site. This permission includes a provision for 86 affordable homes and 57 social homes – the requisite 25% as required by An Bord Pleanála’s grant of planning condition for the SDZ. Separate planning applications are currently under consideration by DCC for an additional 872 residential units (including 221 social and affordable homes) and 495,000 sq. ft. of commercial space. 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.
As the Deputy may be aware, Section 9 of the NAMA Act provides that NAMA is independent in the performance of its functions and that I, as Minister, have no role in relation to its commercial operations or decisions. Nor am I a party to commercial transactions or agreements in which NAMA is engaged. NAMA is progressing its objective of facilitating the development of the site, including the delivery of the social and affordable homes, to achieve the maximum return to the taxpayer. 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 by end-2025
