€10m Nama loan to help complete Beacon site

THE NATIONAL Asset Management Agency is to provide a €10 million loan for the completion of a residential and commercial development at Beacon South Quarter in Sandyford.

The complex was previously being developed by Paddy Shovlin and brothers Anthony and Patrick Fitzpatrick of Landmark Developments.

The receiver to the assets, Simon Coyle of Mazars, has submitted a planning application to Dún Laoghaire-Rathdown County Council for permission to make alterations to the scheme.

This includes permission for a change of use of the first floor of the development and part of the second floor and would involve eliminating a permitted creche, community and ancillary restaurant and cafe and replacing with eight apartments.

Certain planned retail units would be removed from the scheme in favour of a creche with an outdoor play area.

Some other retail space would also be removed from the plan and replaced with units for community use. The receiver is also seeking an increase of one metre in the height of the building. Planned office space between the second and ninth floors would be replaced by eight one-bed apartments.

Permission for other construction works for the “making good” of other elements of the scheme, “pending their future development”, is also being sought.

Beacon South Quarter was being built by Landmark, which was placed into receivership in 2010. Its loans had been transferred to Nama. In October 2010, Nama was granted orders in the Commercial Court against Mr Shovlin and the Fitzpatrick brothers over €280 million in loans given to them by Bank of Ireland for Beacon South Quarter.

The court granted an order of €38.5 million against Mr Shovlin and orders of €22 million each against the Fitzpatricks.

In July 2011, housing association Clúid bought 58 apartments in Beacon South Quarter from Nama for €10.3 million.

Of these, 34 were to go to people on the local authority list for reduced rents, while the rest will be privately rented. At one stage a large dust cover was draped over the largest unfinished apartment block in the development to spruce up its appearance.

The website for Beacon South Quarter describes it as Ireland’s “first specialised interiors and leisure retail centre”.

Commercial tenants include Dunnes Stores, Aldi and a Ben Dunne Gym.