Project Wave granted permission for first phase

The first phase of one of the largest new developments planned for Dublin’s docklands has been granted permission under Dublin City Council’s new fast-track planning scheme.

Project Wave, a commercial and residential scheme on the north side of the River Liffey, will take up 10 per cent of all of the development land available in the Docklands Strategic Development Zone and provide in excess of 50,000sq m of office and commercial space, as well as more than 250 apartments.

Owners of land in the development zone can secure planning permission from city planners that cannot be appealed to An Bord Pleanála under the new scheme.

The Nama-backed project will be developed on a 2.2 hectare site on North Wall Quay, which wraps around the new home of the Central Bank of Ireland, currently being built from the shell of the abandoned Anglo Irish Bank headquarters.

The site, formerly owned by developer Liam Carroll, had attracted the attention of parties including Johnny Ronan, the former head of Treasury Holdings, and Denis O'Brien.

However, last December Nama chose a team made up of Singapore developer Oxley Holdings and Seán Mulryan's Ballymore Properties to develop the land.

‘Shoebox King’

Oxley is headed up by former Singapore police officer Ching Chiat Kwong, who has, according to Fortune magazine, a net worth of €770 million.

Mr Kwong has become known as the “Shoebox King” in Singapore, for developing compact apartments.

The development will be completed in three phases.

The first phase, which has now been granted permission by the city planners, involves the construction of two interlinked office blocks of seven and nine storeys - almost 43 metres tall - immediately adjacent to the Central Bank.

The National Treasury Management Agency (NTMA) has earmarked one of the office blocks as the preferred option for its new headquarters.

The agency signalled recently its intention to move from its existing offices in the Treasury Building in Grand Canal Street, and is understood to be in negotiations to move to the Project Wave development.

If a deal is struck, the NTMA - which also includes Nama, the National Development Finance Agency and the National Claims Agency - would move to the new premises in late 2018.