New Generation Homes, headed by Greg Kavanagh and Patrick Crean, has been granted a time extension by Dublin City Council in respect of an ongoing planning application for a site in Dublin 7. Their proposed plans involve the construction of 320 apartments and commercial space on the lands of a former CIÉ freight yard on Carnlough Road, Cabra.
In April of this year, the council sought further information from New Gen regarding the development in order to decide whether to grant or refuse planning permission for the planned scheme, however with the time limit nearly lapsed and no further information yet lodged, the developer had to requested an extension.
The 9.59 acre site was previously owned by Niall Molloy’s Ailesbury Co-Ownership, who purchased it for €28 million in 2004. This isn’t the first, second or even third property associated with Molloy that Kavanagh’s companies have snapped up.
In Sutton, New Gen purchased Molloy's 112 Dublin Road, the former Sutton Nursing Home, on which it went on to build Warren Lodge, a development of nine houses launched in 2015 with prices of up to €935,000.
In Lucan they purchased the Molloy-lead Finnstown Co-Ownership's 5.8 acre Coolamber property, on which they are currently trying to secure planning for 80 homes after a previous failed attempt.
In Foxrock, New Gen acquired the legal charge over Loughgall on Mart Lane, a site comprising two substantial modern houses, which was listed as Molloy's personal address in land registry filings. Molloy and Maria O'Reilly obtained a mortgage for the site from Bank of Ireland when they purchased it at auction for €4.2 million in 2005 but curiously the bank has transferred their legal charge over the property to New Gen, according to the same land registry filings.
One of the homes, a lavish 580sq m mansion, was sold for €2.8 million in January 2015, and Rohan Holdings managing director Jamie Rohan appears to have been the buyer, with he and his wife listing the house as their personal address since.
