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Archive for August 11th, 2010

Overruling its own inspector, Bord Pleanala yesterday granted permission to reported NAMA Top 10 developer, Cosgrave Developments (Cosgrave having taken over the slot vacated by Paddy McKillen whose loans are on hold pending the outcome of his judicial review proceedings) to build phase 2 of their development at the site of the old Dun Laoghaire Golf Course. Phase 2 will involve an additional 605 dwellings on top of the 848 dwellings currently being constructed.

With such a national over-supply of residential dwellings, one wonders how NAMA would value this development (assuming that it is NAMA-bound which is not clear) and how much Bord Pleanala’s decision which the Independent reports was given “despite the lack of an overall plan on how the area should be developed” will add to the value of NAMA’s loans.

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