Dáil Éireann Debate, Wednesday - 19 May 2021
125. Deputy Eoin Ó Broin asked the Minister for Housing, Local Government and Heritage the price offered by NAMA to Dublin City Council and his Department for the purchase of land in the Poolbeg SDZ for the delivery of affordable homes; the discount on market price offered by NAMA in relation to same; and the reason his Department refused to provide funding to Dublin City Council to purchase the land. [26864/21]
Amharc ar fhreagraThe 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.
In relation to the activation of these lands I understand that, having decided to embark on the competitive tendering process, on 22 December 2020, the National Asset Management Agency (NAMA) announced the completion of a comprehensive process to select an investment partner for the development of this site within Poolbeg West Strategic Development Zone.
Furthermore, NAMA has named the successful bidder as a consortium consisting of Ronan Group Real Estate, funds managed by Oaktree Capital Management, L.P. (“Oaktree”) and Oaktree affiliate Lioncor Developments Limited (“Lioncor”), will be the 80% majority shareholder in Pembroke Ventures DAC (“PVD”). NAMA will retain a minority 20% shareholding in PVD.
The planning scheme, as modified by An Bord Pleanála on 9th April 2019, states that prior to commencement of development, subject to confirmed funding and value for money considerations, a commercial agreement shall be entered into between Dublin City Council, my Department and the owners/developers of the residential element of the Planning Scheme for the delivery of 15% of the residential units approved on the lands included in this Planning Scheme for social and affordable housing purposes. These units shall be additional to the 10% statutory under Part V arrangements still stands and is applicable.
As plans for this site are developed, my Department remains ready to work with Dublin City Council, 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. As such, it would not be appropriate to comment further at this point.
