Green Property Co has been chosen to develop a tax-driven business and technology park in the north Dublin suburb of Ballymun with an end value of at least £1 billion.
The project is the largest of its kind in the country and will be carried out on a joint venture basis with a subsidiary company of Dublin Corporation. The selection of Green, due to be announced in the coming week, will come as a surprise because, unlike other companies short-listed for the scheme, it is not yet in a position to trade lands within five km of Ballymun for a share in the business park. However, the company has apparently been chosen because of "the originality and practicality of the scheme" it submitted.
Green is expected to begin development as soon as possible on the huge project in order to complete as much of it as possible before the tax incentives run out at the end of 2002. The company is apparently planning a first phase of 250,000 sq ft and expects to have well over half the scheme completed before the deadline for what is one of the last substantial opportunities to avail of tax concessions. Owner-occupiers and investors will receive 100 per cent capital allowances, while in residential schemes, purchasers and investors will be able to claim Section 23-type tax breaks.
When completed, the business and technology park will have at least 1.6 million sq ft and perhaps up to two million sq ft.
The 105-acre development site sits at the northern edge of Ballymun, with a long frontage to the M50 motorway.
Most of the commercial units will be offices, high-tech buildings and manufacturing plants. Lisney estate agents will place ads in the media later this month for the next element of the rejuvenation scheme, a two-acre town centre site which has been designated for a high-density mixed scheme to include offices, retail, leisure and residential.
Like the business park, this scheme will be carried out on a joint venture basis. According to Kevin O'Higgins of Lisney, there is already strong interest in the scheme from developers. Also for offer at a later stage will be a site of almost five acres along the main street which has already been the subject of an architectural competition.
In this case, the site will be sold, possibly for between £5 million or £6 million, and the developer will have to build according to the plan already approved. One side of the street will have about 150 houses and apartments while there will be student accommodation on the opposite side, which will also carry tax incentives.
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