There was a time when developer David Daly’s name or at least that of his company, Albany Homes, was synonymous in Dublin with the construction of that traditional staple of the first-time buyer’s market – the three-bed semi-d.
But then along came the crash and all that went with that, and Daly found himself in Nama, where he claims an official told him “You will never build a house again.”
They made no mention of apartments, or offices however. And so, with his debt to Nama repaid in full using the proceeds of his Stg£300 million sale of Louis Vuitton's Bond Street store to France's richest man, Bernard Arnault, Daly is back to business in his home town.
While the bulk of the developer’s energies are being directed towards 35 Shelbourne Road, the 87,748sq ft office scheme he is in the process of delivering on the site of the former IPC building in Dublin 4, Daly has been dipping a tentative toe in the waters of Malahide’s luxury homes market.
Only last week, Daly's company Purple Green secured approval in the face of a number of local objections from An Bord Pleanála for a high-end apartment scheme on the site of the well-known Oscar Taylor's restaurant and Island View hotel complex on the Coast Road.
Arranged over four storeys, the proposed building will comprise four two-bed units of 99sq m (1,066sq ft), four three-bed units ranging in size from 122sq m (1,313sq ft) to 183sq m (1973sq ft), and one three-bed penthouse extending over 212sq m (2,282sq ft).
Upper end of market
While an inspection of Purple Green’s planning application shows the developer is looking to cater both for the needs of growing families and the ranks of Malahide’s empty nesters, it’s understood that the scheme will be very much geared towards the upper end of the residential market.
Leaving aside his latest developments in Malahide and Ballsbridge, Daly is set to start work on 50,000sq ft of Grade A office space at 16 St Stephen's Green within the next month. While the address is better known as the home of Peploe's, there's no need for its customers to worry as Daly's plan will see the restaurant forming an integral part of the overall scheme, and continuing to trade as normal.
Daly’s wider Dublin property portfolio is substantial and includes Airside Retail Park and Airside Office and Motor Park in Swords, as well as properties on the aforementioned St Stephen’s Green and Fitzwilliam Square.
Outside of Ireland, the developer owns a number of prime properties on Bond Street in London.
