THE NATIONAL Asset Management Agency is to provide a €10 million loan for the completion of a residential and commercial development at the Beacon South Quarter .
Beacon South Quarter was being built by Landmark Developments, which was placed into receivership in 2010.Its loans had been transferred to Nama.
The receiver to the assets has submitted a planning application to Dún Laoghaire-Rathdown County Council for permission to make alterations to the scheme.
This includes permission for a change of use of the first floor of the development and part of the second floor and would involve eliminating a permitted creche, community and ancillary restaurant and cafe and replacing with eight apartments.
Certain planned retail units would be removed from the scheme in favour of a creche with an outdoor play area. Some other retail space would also be removed from the plan and replaced with units for community use.
The receiver is also seeking an increase of one metre in the height of the building. Planned office space between the second and ninth floors would be replaced by eight one-bed apartments.
Permission for other construction works for the "making good" of other elements of the scheme, "pending their future development", is also being sought.
In July 2011, housing association Clúid bought 58 apartments in Beacon South Quarter from Nama for €10.3 million. Of these, 34 were to go to people on the local authority list for reduced rents, while the rest will be privately rented.
Article Published: 20/05/2012