Mr. Brendan McDonagh:

The Poolbeg West strategic development zone is a site of 38 acres but only 20 acres are permitted to be developed under the planning permission, so 18 acres will be used for amenity purposes. We have selected a preferred bidder. We ran an open market process that started in July 2019 and concluded in July 2021. We sold 80% of our interest in that to a consortium involving Oaktree, an affiliated entity to Oaktree called Lioncor, and the Ronan Group. On the state of development, the site has planning permission for 3,500 units and 1 million sq. ft. of commercial office space. The consortium that bought it is determined to develop this site as quickly as possible. In accordance with planning permission, it will be done on a staged basis. Certain other infrastructure has to go into the site before the full site can be developed and that will have to be worked out with Dublin City Council. Within weeks of acquiring 80% of our interest in July, the consortium already submitted a planning application for the first 600 residential units in that portfolio. It is actively working on a further planning application which it is hoped that it will submit in early 2022.

As part of the conditions set out in the planning applications by An Bord Pleanála for the strategic development zone, 25% has to be set aside for social and affordable housing, including 10% social and 15% affordable. This is from before the Affordable Housing Act. The consortium, as part of the initial 600 applications, has made provision for 25% being social and affordable. It is abiding by the obligation, which we are glad to see. The 10% Part V social housing is an obligation for every site. There are mechanisms set out for how that will be priced by every local authority in the country. An Bord Pleanála stated in its conditions in 2019 that the 15% affordable housing would have to be done in the form of a commercial arrangement. That commercial arrangement is under discussion between Dublin City Council, the Department of Housing, Local Government and Heritage, and the consortium, which is led by Oaktree. That is under way and nothing can be built there until that is resolved and planning permission comes through. I hope it will come through soon.