Developer to sell 532 social housing units to Dublin councils for €243m

Developer Gerry Gannon is proposing to sell 532 homes for social and affordable housing for an estimated €243 million to two Dublin local authorities.

The proposed sale by Gerard Gannon Properties would be the largest ever by a developer under the Government's Part V social housing regime that requires a percentage of private residential developments to be offered to local authorities for social housing.

The 532 homes earmarked for social housing arise from Mr Gannon's firm lodging €1.15 billion plans for the largest Strategic Housing Development (SHD) fast-track scheme to be put before An Bord Pleanála.

The company has lodged plans for a mixed-use scheme for 2,527 residential units for Belcamp Hall, Malahide Road in north Dublin. The proposed Part V sale is contingent on the Gannon company securing planning permission.

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The scheme straddles lands in the administrative areas of Dublin City Council and Fingal County Council.

As part of the proposed Part V deal with Dublin City Council, the builder is offering to sell 273 apartments for social housing for €129.4 million.

Provisional costings

Documents lodged with the planning application state that the costings are provisional and subject to change. However, they show that one three-bedroom apartment for five people has an indicative cost of €779,100 while a two-bedroom apartment for four has an indicative cost of €539,100.

The Gannon firm is proposing to sell a mix of 259 apartments, duplex units and houses to Fingal County Council for €113.7 million.

The highest-priced unit is a three-bed apartment/duplex unit for five people at an indicative cost of €577,300.

The 532 homes account for 21 per cent of the 2,527 homes in the proposal. The scheme is made up of 1,780 apartments, 473 houses and 274 duplex units. Some 558 apartments would be build-to-rent, with the highest apartment block rising to nine storeys.

The Gannon firm is seeking a 10-year permission to complete the scheme.

The planning statement by Downey Planning states that the proposed development at Belcamp would create a new neighbourhood between the Malahide Road and a regional road, in the unique setting of the Belcamp Hall lands and Dublin’s northern city fringe.

The mixed-use scheme is to include 18 retail units, three cafes/restaurants, two childcare facilities and one sports building.

Downey Planning states that the scheme offers an efficient use of land, which will assist in the expansion and subsequent completion of the wider Belcamp neighbourhood, while encouraging the rejuvenation of the area through higher density.