NAMA announces further senior debt redemption and planning process for Boland’s Mill site in Dublin Docklands

2 December 2014 – The National Asset Management Agency (NAMA) has announced that it will redeem another €1 billion of senior bonds on 3rd December.  The Agency also announced that it has provided funding for the planning process for the redevelopment of the Boland’s Mill site in the Dublin Docklands.

This brings to €8.6 billion the amount of senior bonds redeemed to date in 2014 and to €16.1 billion the amount of senior bonds redeemed since inception (53% of the amount originally issued). It means that NAMA has now exceeded the cumulative 50% (€15.1 billion) target it originally set for the end of 2016 and it has done so a full two years ahead of schedule.

NAMA has also announced that it has provided funding for the planning process for the development of the landmark Boland’s Mill site in Dublin’s south Docklands. The joint receivers to the site, Mr. Mark Reynolds and Mr. Glenn Crann of Savills, have today submitted a planning application for the development of the site to Dublin City Council. The application includes proposed office, residential, cultural and retail development, totalling almost 400,000 sq. ft. (approx. 36,800 sq. m.). Much of the development will be office accommodation but it will also include 42 two- and three-bedroom apartments, a cultural and exhibition space, in addition to retail and restaurant space. The planning application envisages the creation of a new urban quarter with new streets and open spaces, including a large public square, opening on to Grand Canal Dock.

This is the first major planning application to be submitted since approval of the Docklands Strategic Development Zone (SDZ) Scheme in May 2014. 

NAMA Chief Executive Brendan McDonagh said that “the development of the Boland’s Mill site of almost 400,000 square feet of commercial, residential, retail and cultural space, including 42 apartments, will be very positive not only in terms of bringing greater vibrancy to the South Docklands area but also in terms of addressing the shortage of quality office and residential accommodation in the Central Dublin Business District”.

• The North Lotts and Grand Canal Docks area of the Dublin Docklands was designated as a Strategic Development Zone (SDZ) in December 2012. Following approval of the Docklands SDZ Scheme by An Bord Pleanála in May 2014, future planning applications which are consistent with the scheme must be granted permission and there is no avenue of third-party appeal against such permissions.

• The Docklands SDZ area comprises some 66 hectares of which 22 hectares comprise undeveloped lands. As NAMA has a financial interest in sites comprising over 75% of the available development land within the Docklands SDZ area, approval of the Docklands SDZ Scheme represents an opportunity for NAMA to facilitate the delivery of new commercial and residential development in the area. Such development will support the expansion of the financial services sector and the development of new FDI business and technology hubs in the Docklands area.

• NAMA has a financial interest in thirteen sites in the SDZ area (four of which are held in QIF structures in which NAMA holds minority shareholdings). An initial appraisal indicates that the sites in which NAMA has an interest have the capacity to provide about 3.4m square feet (316,000 square metres) of commercial space and some 1,850 apartments.

• NAMA has also established a dedicated Docklands Project Team to facilitate the expedition of  planning and other preparatory work undertaken by Receivers and QIF partners to ensure that activity can be commenced on each of the sites as soon as is feasible, subject to satisfying commercial viability.