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September 07, 2018

NAMA turns to Dillon Eustace for €65m sale of prime Tyrrelstown site

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Dillon Eustace advised a NAMA receiver on the sale of over 270 acres of mixed zoned development land at Tyrrelstown, County Dublin for a price in excess of €65m. 

The site has been acquired by Glenveagh Properties plc. and could accommodate more than 1,250 homes as part of the overall mixed development. Viewed as one of the most significant land banks to be offered in recent years, the site comprises a mixture of zoning objectives, ranging from residential use and town centre development to rural and greenbelt reservations. 

The Dillon Eustace transaction team was led by Kelly O’Hara, Partner and Head of Real Estate supported by Jamie Ensor, Partner in Insolvency and Corporate Recovery. 

Commenting on the deal, Kelly O’Hara said: “We are delighted to have advised NAMA and its receiver, Tom O’Brien of Mazars, on the sale of this significant development site to a leading Irish homebuilder. The site is located in a growing suburb of Dublin which has seen a lot of infrastructural investment in recent years, including the construction of the N2/N3 link road as well as the establishment of new primary and secondary schools and we wish Glenveagh Properties every success on their acquisition of this mixed use site.”