Wednesday, April 30 15:51:40
Some 400 acres of prime development land at Cherrywood in south Dublin, formerly owned by developer Liam Carroll, is to be put on the market, according to a report from Bloomberg today.
The site - one of the biggest to come on the market in recent times - will be offered for sale after fast-track planning was approved for the area, according to sources.
It is valued at between E250 and E300 million, it said.
The land is part of a bigger parcel that was designated as a fast-track zone this week, An Bord Pleanala confirmed today.
More than 7,700 homes are planned for the wider Cherrywood site together with a new town center and office complexes, according to a filing by the Dun Laoghaire and Rathdown borough.
Lloyds Banking Group, the National Asset Management Agency and Danske Bank are the lenders to the project, sources said.
Mr Carroll, one of the country's biggest developers during the property bubble, has seen a number of properties seized by banks. He bought the Dublin land in 2002 and 2003.
The site would be one of the largest tranches of urban land sold in recent times.
In a fast-track zone, planning approvals by the council cannot be overturned by the An Bord Pleanala, Bloomberg said.