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shiny and new

This is what Nama's €450m plan for Dublin's docks looks like

The bad bank is part of a consortium backing the major development.

The plan or 76 Sir John Rogerson's Quay The plan for 76 Sir John Rogerson's Quay

DEVELOPERS INCLUDING BAD bank Nama could start building on a €450 million revamp of Dublin’s southern docklands early next year.

A consortium including the state agency, US investment fund Oaktree Capital and Irish developers the Bennett Group have lodged plans with Dublin City Council for the 42,500 sqm office and residential project.

5 Hanover Quay Exterior Outlined The plans for 5 Hanover Quay, on Dublin's Grand Canal

It is the largest lodged for the docks district since it was turned into a “strategic development zone” – opening up the site for fast-track planning permission.

In a statement today, the syndicate said construction on the project could start in the first 3 months of next year subject to council approval.

5 Hanover Quay Entrance The entrance to 5 Hanover Quay

When finished the development would house up to 2,400 works and include 158 apartments.

The project includes the redevelopment of two properties:

  • 76 Sir John Rogerson’s Quay, Dublin 2
  • 5 Hanover Quay, Grand Canal Dock, Dublin 2

Docks The location of the site at 5 Hanover Quay, which is included in the planned development Google Maps Google Maps

The bulk of the development will be at the Hanover Quay site, where 18,000 sqm of office space and 100 apartments, as well as cafés and shops, were planned.

Major US company coming to spot near U2

Meanwhile, the consortium said work was due to start next week on another of its projects at 6-8 Hanover Quay for another 4,600 sqm of office space.

“When completed, the building will accommodate 300 staff in the flagship European headquarters of a major U.S.-based corporation,” it said.

The identity of the multinational would be revealed “in due course”.

6 - 8 Hanover Quay The proposed building at 6-8 Hanover Quay

The site is a few doors down from where U2 recently bought the riverfront studio site where they recorded many of their top-selling albums from the Dublin Docklands Development Authority for €450,000.

Nama chief executive Brendan McDonagh said the latest application built on the progress the agency had made in the docklands area following its plans for Boland’s Mill put forward last week.

Boland's Mill CGI The plans for Boland's Mill Paul Tierney Paul Tierney

He said it was one of 15 sites around the docks in which it had an interest and Nama looked forward to announcing more progress in the district next year.

McDonagh previously told an Oireachtas committee that over 93% of the assets Nama has sold off so far have gone to offshore buyers.

The agency expects to wind up completely by early 2017 and to deliver a profit of up to €500 million when finished.

READ: Mattie McGrath: ‘I could use the C-word about Nama’ >

READ: ‘Nama hotel’ to house homeless Dublin families >

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