Former Anglo and NAMA executives behind Lucan fast track application

by Padraig Conlon

Former top Anglo and Nama executives are behind an application to fast track new houses in Lucan.

A Strategic Development Zone (SDZ) application to build 237 dwellings in the townlands of Dodsborough, Finnstown and Adamstown has been lodged by DRES Properties.

DRES Properties was founded last year by Patrick Durkan, Eddie Byrne and Michael Hynes.

Chief Development Officer Michael Hynes was a portfolio manager in Nama from 2011 to 2013 and prior to that he worked as a senior development and asset manager at Bernard McNamara’s Grattan Property.

Since 2013 he has been Head of Real Estate for Hudson Advisors Ireland, a company which manages the Irish real estate portfolio of a US based private equity firm called Lone Star.

Lone Star has been among the most active buyers of Irish property loans and assets since the property crash and has built up a land bank of over 500 acres in Dublin with the capacity to deliver over 6,000 homes.

It acquired two large development sites through Project Clear, a portfolio of residential development loans which included the Adamstown landbank, sold by Ulster Bank in 2015.

The lands at Adamstown were previously owned by Castlethorn Construction who were involved in the construction of two local developments, Alderlie and St Helens, for Lone Star.

DRES Chief Operations Officer Eddie Byrne was head of lending in the USA for Anglo Irish Bank from 2005 to 2011 in the companies Boston office.

He is also Managing Director of Hudson Advisors Ireland since 2013 with responsibility for Lone Star’s Irish real estate portfolio.

DRES Properties CEO Patrick Durkan is the former Managing Director of Durkan Residential.

The 237 dwellings DRES want to build in Lucan are made up of a mixture of terraced, semi-detached and detached houses, duplexes and apartments.

119 apartment units will be accommodated in four blocks of two-five storeys.

Block 01 (4 storey) to consist of 20 one bed apartments and 16 two bed apartments; Block 02 (4-5 storey) to consist of 22 one bed apartments and 41 two bed apartments; Block 04 (3-4 storey) to consist of 9 two bed apartments and 1 the bed apartment located within the 4 storey element of Block 4.

Block 05 (2-3 storey) to consist of 1 one bed apartment, 5 two bed apartments and 4 the bed apartments, 20 duplexes shall be accommodate in 2 blocks of 3-4 storeys.

Block 03 (3 storey) to contain 2 one storey one bed unit, 2 one storey two bed units and 4 three storey three bed units; Block 04 (3-4 storey) to contain 12 three storey three bed units located within the three storey element of Block 4.

98 houses shall consist of 67 two storey three bedroom houses; 47 with the option of a single storey rear extension at ground floor level (House Types B1.1x and B1.2x).

15 two storey four bedroom houses; 6 three storey four bedroom houses and 10 part three storey, part two storey four bedroom houses; provision of 1367sq.m of public open space; provision of c. 318 car parking spaces

Vehicular access to the development is to be provided off Adamstown Drive, The Paddock’s Way and the re-aligned Tandy’s Lane on lands bounded generally to the northwest by the Hillcrest residential development, to the northeast by Supervalu Lucan, to the east by Westbury Drive, Westbury Avenue, the rear of houses fronting onto Westbury Grove, and Somerton (Phase 1) currently under construction pursuant to SDCC Reg. Ref. SDZ16A/0005, to the south by Somerton House (a Protected Structure), and Tandy’s Lane Park Amenity Area.

A decision is due on 31 July.

In March DRES launched Newpark in Adamstown, a new development of three and four bed homes.

Related Articles