The National Asset Management Agency (Nama) has named Oxley Holdings as the preferred bidder for a key 2.35 hectare site at 72-80 North Wall Quay, next to the proposed new headquarters of the Central Bank of Ireland.
Nama said Oxley was selected as preferred bidder for the North Wall Quay site after the completion of Project Wave, a competitive tendering process that was launched in June and which involved six bidders representing Irish and international investors.
Johnny Ronan, the former head of Treasury Holdings, was among those to made the shortlist to buy Project Wave.
The terms of the transaction, which is subject to completion, will see Oxley proceeding to acquire a long leasehold interest with the right to develop, manage and realise the site. Nama will retain the freehold interest and will receive a secure income stream in addition to a percentage of any future sales proceeds.
The site is located within Block 8 of the Docklands Strategic Development Zone (SDZ) Planning Scheme and has been designated under the SDZ as a block with a focus on employment.
The Oxley proposal comprises the development of more than 60,000 square metres of Grade A office space, with capacity for up to 5,500 employees, and the delivery of over 200 apartments in Dublin’s north Docklands.
The planning application stage of the development of the Project Wave site will likely commence in early 2015. Subject to receipt of planning from Dublin City Council, it is envisaged that the bidder will commence construction late next year or in early 2016.
Nama said its proposed development will make a major contribution to addressing the shortage of high-quality Grade A office space in Dublin central business area and, by so doing, will facilitate IDA Ireland in continuing to attract foreign direct investment (FDI) activity and employment into Ireland.
Headquartered and listed in Singapore, Oxley is a property developer which is focused on central business districts within key urban centres, Since going public in October 2010, the group has launched a portfolio of 27 distinctive developments locally.
