Jack Chambers (Dublin West, Fianna Fail) | Oireachtas source

I thank the Deputies for raising this issue. I wish to advise the Deputies that the Poolbeg west strategic development zone, SDZ, planning scheme includes a requirement for 25% of the residential units delivered in the SDZ to be reserved for social and affordable housing, comprising 10% Part V social housing and 15% affordable housing. NAMA retains a 20% minority interest in a 37.2 acre development site located within the SDZ. A consortium of Ronan Group Real Estate, Oaktree Capital Management and Lioncor Developments owns the controlling 80% stake in the site. The development site has capacity for up to 3,800 residential units, of which 25%, or 950 units, will be social and affordable homes, and approximately 1 million sq. ft of commercial development, as well as educational facilities, public open spaces, civic spaces and other community amenities.

The development of the site is being undertaken by the consortium as controlling shareholders. No development can commence until a commercial agreement is reached with Dublin City Council or the Department of Housing, Local Government and Heritage on the affordable units. I am advised that planning permission has been granted by Dublin City Council for 894 residential homes on the site. This permission includes a provision for the requisite 25%, as required by An Bord Pleanála’s grant of planning condition for the SDZ. Separate planning applications are currently under consideration by Dublin City Council for an additional 516 residential units, including 129 social and affordable homes, and 495,000 sq. ft of commercial space. Planning applications for later phases of residential development will also be required to provide for 25% social and affordable homes per the planning scheme. In total, it is expected that 950 social and affordable homes will be delivered on the site.

As the Deputies may be aware, section 9 of the National Asset Management Agency Act 2009 provides that NAMA is independent in the performance of its functions and that the Minister has no role in relation to its commercial operations or decisions. Nor is the Minister party to commercial transactions or agreements in which NAMA is engaged. NAMA is progressing its objective of facilitating the development of the site, including the delivery of the social and affordable homes, to achieve the maximum return to the taxpayer. The transfer of NAMA's 20% shareholding to a suitable State body is a matter that the Minister may have to consider in conjunction with NAMA, as the agency winds down by the end of 2025.

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