Glenveagh offers 56 apartments to Dublin City Council for €22m

This would form part of plans to construct 554 apartments at a site in Dublin’s docklands

 Glenveagh Properties PLC image during its first AGM. Photo: Nick Bradshaw for The Irish Times

Glenveagh Properties PLC image during its first AGM. Photo: Nick Bradshaw for The Irish Times

 

One of the country’s largest residential builders, Glenveagh Properties, has stated that it is willing to sell 56 apartments in Dublin’s docklands to Dublin City Council for €22.06 million for social housing.

This would form part of plans by Glenveagh to construct 554 apartments at a site at East Road located near to both the IFSC and the so-called “Silicon Docks” area.

The listed builder has put the €22 million value on the apartments arising from its requirements under Part V of the Planning and Development Act, which requires builders to provide a portion of developments towards social housing.

The value of the deal with Glenveagh falls just short of the €23.17 million total Dublin City Council spent for Part V dwellings across the city last year when it acquired 98 units in 17 separate developments.

Glenveagh has plans for 554 apartments in nine blocks ranging from three to 15 storeys at the site before An Bord Pleanála under the Government’s fast track planning rules.

In a letter to the council, Shane Scully, a director at Glenveagh Living Ltd, said the 56 apartments include 35 two-bed units at €454,446 each to the council, giving a total cost of €15.8 million.

In addition, Mr Scully has put a price tag of €296,821 on each of the 21 one-bed apartments, for a total of €6.23 million.

Estimate of costs

Glenveagh is proposing that all of the Part V apartments will be located in one of the nine blocks at the site.

Mr Scully said that the contents of the letter were “purely indicative and intended to provide a reasonable estimate of the costs and values of the units”.

He stated that the information would “ultimately be subject to possible amendment and formal agreement with Dublin City Council” and this would be finalised after planning permission had been secured.

A Glenveagh spokesman declined to comment on the proposed Part V deal and would only state that “these units form part of its plans to deliver 2,500 units per annum at scale across the business”.

Dublin City Council figures show that last year it paid a developer €645,486 for one Part V dwelling at Dollymount Avenue in Clontarf, and €571,680 for another unit at the same address.

The council paid €4.74 million for 19 dwellings at the Marianella development at Rathgar, an average of €249,944 each. This site was developed by Cairn Homes.