A development site in Dublin will probably be offered for sale after fast-track planning was approved for the area, three people with knowledge of the matter said. It would be the largest asset of its kind to be put on the Irish market.
The site, more than 400 acres (161 hectares) at Cherrywood in south Dublin, is owned by developer Liam Carroll and is valued at 250 million euros ($345 million) to 300 million euros, said the people, who asked not to be identified because the information is private. The land is part of a 360-hectare parcel that was designated as a fast-track zone this week, the Irish planning appeals board said today.
The Irish economy is recovering from a 2008 property-market-crash that led to an international bailout. Home values in Dublin rose 13.3 percent in the year through March, though they remain 48.5 percent below their 2007 peak.
More than 7,700 homes are planned for the wider Cherrywood site together with a new town center and office complexes, according to a filing by the Dun Laoghaire and Rathdown borough.
Lloyds Banking Group Plc, the National Asset Management Agency and Danske Bank A/S are the lenders to the project, the people said. Carroll, one of the country’s biggest developers during Ireland’s real estate bubble, has seen a number of properties seized by banks. He bought the Dublin land in 2002 and 2003. Carroll declined to comment on the Dublin land when contacted by phone. Lloyds, Danske Bank and NAMA declined to comment.
The site would be the largest by area ever sold in Ireland, according to Marie Hunt, a director at broker CBRE Group Inc. In a fast-track zone, planning approvals by the borough can’t be overturned by the planning appeals board.
NAMA was set up in 2009 by the government to take over 74 billion euros of risky commercial real estate loans held by Ireland’s banks and sell them over as many as 10 years. Lloyds and Danske Bank are both winding down their real estate loan books in Ireland.