Credit: Buildinginfo.ie Twitter US property group Hines has received permission for almost 1,600 build-to-rent apartments on Clonliffe Road in Drumcondra, Dublin, the site of the old Holy Cross Seminary.
Residents and locals have reportedly expressed disappointment over the move, feeling it ignores the sentiments of the community.
An Bord Pleanála in its decision acknowledged that the height and density of the proposed development breached the city development plan but referenced ministerial guidelines that allow for bigger developments in urban areas.
Profits
The €610 million development is possible following the GAA’s sale of the site to Hines, for which the archdiocese of Dublin received a proportion of the profits.
The archdiocese of Dublin’s financial report for 2020 said that it received almost €3 million as the result of a clause in its contract with the GAA, which says that it would receive a share in the GAA’s profits if it sold on any of the lands or buildings to a third party.
The GAA sold on a large portion of the lands they purchased from the archdiocese, which resulted in the archdiocese receiving a share of the profits made by the GAA.
Finances
This injection came amid a continued fall in the archdiocese’s finances in 2020, a trend which the report says was accelerated by the Covid-19 pandemic and ensuing restrictions.
“Collection income for the charity reduced by almost 80% in a three-month period,” the report reads.
The ‘Parishes of the Diocese of Dublin’ report, covering the financial statements of the combined parishes, the clerical fund, the common fund and the share fund reported a deficit of €4.3 million for 2020, whereas 2019 saw a surplus of €7.7 million.
The report said this situation forced the diocese to consider a range of restructuring measures to mitigate the long-term impact of the pandemic, “which came after years of steady decline in financial support for the charity”.
Claim
The report also revealed that the archdiocese believes there is a valid claim to be made under the business interruption clause of their insurance policies for the parishes, and confirmed that a claim is currently being compiled and is due to be submitted.