The regeneration of Poolbeg West is the next important step in transforming the Docklands area, given its strategic location east of Grand Canal Dock, with close proximity to important bridge connections to Dublin Port and North Lotts.
The extent of vacant brownfield land available at Poolbeg West is significant, at 34 hectares. The residential potential within the available lands is for a maximum of 3,500 additional residential units at a gross residential density of up to 238 units per hectare on lands over 14.7 hectares to the south of South Bank Road. This estimated housing yield would be sufficient to support a residential population of approximately 8,000 people and, therefore, would make a significant contribution to the city’s housing needs.
It should be noted that NAMA as the responsible agency retains responsibility regarding a decision to proceed with the competitive process. NAMA has confirmed the competitive process adopted was designed to achieve best financial return in line with the requirements of the NAMA Act and facilitate delivery of much needed housing in Dublin.
In relation to the wider activation of these lands, I understand that in July last the National Asset Management Agency (NAMA) has named a consortium of Ronan Group Real Estate (RGRE) and Colony Capital (Colony) as the Preferred Bidder to acquire the 80% shareholding. NAMA will retain a 20% shareholding.
I also understand that the condition of the planning scheme, as modified by An Bord Pleanála on 9 April 2019 regarding the provision of 15% social and affordable homes on this site, which is in addition to the 10% statutory under Part V arrangements still stands and is applicable.
My Department remains committed to working with Dublin City Council, any relevant Approved Housing Bodies and the receiver and/or developers of the SDZ area to progress this site, subject to agreement on all the normal and relevant terms, including value for money aspects.
Questions regarding the NAMA are more appropriate to my colleague the Minister for Finance.