Nama lends Cosgraves €15m to fund huge apartment development

The National Asset Management Agency (Nama) has agreed to lend about €15 million to Cosgrave Developments to build out the last tranche of a massive housing development in south Dublin with almost 1,100 units.

The loan is being made by Nama subsidiary National Asset Loan Management to a newly-formed entity, Cosgrave Residential Developments. The cash will be used to fund the development of 386 apartments at Cheevers Court and Haliday House, the final two of six apartment blocks the Cosgraves are building in Dún Laoghaire, on the site of the seaside town's old golf club.

Cheevers Court and Haliday House are part of the massive Cualanor development on the golf club site, the rest of which is either built or nearing completion. It includes 904 apartments and 178 houses.

Cosgrave Developments is controlled by builder brothers Joseph and Michael Cosgrave. A third brother involved in the company, Peter Cosgrave, passed away after a long illness in April last year, He helped to found the business 40 years ago when he was aged just 19. Its previous projects have included the Ulster Bank building on the quays in Dublin city centre.

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The site for the Cheevers Court and Haliday House blocks is being sold to the newly-created group company by the two surviving Cosgrave brothers, as well as the estate of the late Peter Cosgrave. According to company documents, the “purchase price is not being paid [to the brothers] immediately but is being provided by way of a directors’ loan”. It did not specify for how much it was sold.

Planning permission

Cosgrave Developments previously obtained planning permission for Cheevers Court and Haliday House directly from An Bord Pleanála under fast-track strategic housing development rules. Permission was obtained for the two blocks at heights of up to seven storeys each.

Last summer, Cosgrave applied to add another storey on to each of the two blocks, which increased the number of apartments by about 60 in total. It also applied to vary the permission to build two separate basements with 375 car-parking spaces. An Bord Pleanála approved thew changes in September. In January, a commencement notice was issued for works on the first of the blocks.

The old Dún Laoghaire golf club was originally acquired from its members by the Cosgraves for about €20 million in 2002, and was seen as one of the most important residential development sites in the south of the capital during last building boom. As part of the deal to buy it, the Cosgraves built a new 27-hole golf course for the club on lands near Enniskerry in Co Wicklow.

Nama declined to comment last night, while Cosgrave Developments was unavailable for comment.