Insolvency and restructuring specialist Duff & Phelps has got permission to build almost 460 apartments on a site once controlled by bubble-era developer John Fleming.
An Bord Pleanála has given Duff & Phelps the go-ahead to build 459 dwellings in six five- to 14-storey blocks on Carmanhall Road in Sandyford in south Dublin.
The site originally belonged to Tivway, the group led by developer Mr Fleming, which went into receivership with debts of about €1 billion in early 2010 following failed efforts to engineer a rescue.
The property's receiver, Duff & Phelps managing partner Pearse Farrell, applied for permission to build the homes under the Strategic Housing Initiative.
This is a fast-track scheme that allows developers with projects involving more than 100 homes to apply directly to An Bord Pleanála following consultation with the relevant local council.
The board then has up to 16 weeks to decide whether to grant permission. Its decision is final but can be subject to judicial review.
Along with the apartments, Duff & Phelps sought permission for a gym, cafe and other facilities.
Strong demand
Clare Holohan, the firm's director of real estate, said that demand for new homes in Dublin was strong.
She noted that the scheme demonstrated the National Asset Management Agency’s commitment to support the development of new housing.
The Carmanhall Road site formerly housed an Aldi store. Development halted there in 2009 when Tivway sought High Court protection from creditors and the appointment of an examiner.
His Bandon, Co Cork-based property and building business was one of the first victims of the financial crash that 10 years ago paralysed the Republic's economy.
The crash burst a property bubble fuelled by cheap credit provided by Irish banks to developers.
