COMHAIRLE CONTAE ÁTHA CLIATH THEAS
SOUTH DUBLIN COUNTY COUNCIL

south dublin county council crest

MEETING OF SOUTH DUBLIN COUNTY COUNCIL

Monday, October 14, 2013

HEADED ITEM NO. 9(c)

Proposed disposal of lands adjacent The Square Shopping Centre, Tallaght to National Asset Property Management Ltd (a subsidiary of the National Asset Management Agency ('NAMA') and the primary entity which holds assets acquired by NAMA)

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It has been a fundamental objective of the Council to secure the ongoing development of The Square, Tallaght, as the economic hub of the County Town. It is considered that the disposal of certain lands within the vicinity of The Square Shopping Centre will assist with the overall development and enhancement of The Square and help to increase economic activity and create jobs in the area. After very constructive discussions with NAMA, the Council has reached agreement to sell these lands to NAMA subject to the statutory consent of the Council's Elected Members.

The proposed disposal is in line with the Council's on-going efforts to rejuvenate The Square and promote job creation and development in the County.  The Council identified NAMA as an appropriate partner given its expertise in progressing developments and its existing interests and investment in the Square.  It is envisaged that the proposed disposal, if approved, should facilitate the rejuvenation of The Square as the economic hub and town centre for Tallaght.   Towards this end, a planning application for a major expansion of The Square has been lodged with NAMA support and funding. 

It is considered that the best option to secure the earliest possible further development of The Square at this stage is that the Council dispose of its interest in the lands in question to NAMA thus adding to it's ownership of a critical mass of the property and enabling the delivery of redevelopment.

NAMA has confirmed that the entity which will take title to the lands is National Asset Property Management Ltd (a subsidiary of the National Asset Management Agency ('NAMA') and the primary entity which holds assets acquired by NAMA)

Dublin City Council's interest in the licenced lands transferred to this Council in accordance with the Scheme of Transfer of Lands under the Local Government (Dublin) Act 1993 subject to the provision that a 50/50 Agreement entered into between the County Council & Dublin Corporation (now Dublin City Council), in 1990, continue.  This Agreement provided that Dublin City Council and this Council would share equally the acquisition, development costs and the proceeds of site sales of Town Centre lands. 

Accordingly, in order to enable the further rejuvenation of The Square and to contribute to NAMA's overall strategy to protect, enhance and  facilitate the re-development of The Square so as to better realise the value of all interests in The Square, it is proposed that the Council dispose of its freehold interest in the lands surrounding The Square Shopping Centre, Blessington Road, Tallaght  as shown outlined in red on the Indicative Drawing No. SDCC-SQ-DISP-001 attached hereto comprising of 6.927 hectares (17.117acres) or thereabouts to National Asset Property Management Ltd, in accordance with Section 211 of the Planning and Development Act, 2000 and subject to the provisions of Section 183 of the Local Government Act, 2001 subject to any licences already in place in respect of the lands and subject to the following terms and conditions which have been recommended as being fair and reasonable by the Chief Valuer:

  1. That the disposal price payable in full and final settlement shall be in the sum of €4.75m (four million, seven hundred and fifty thousand euro)  plus VAT, if applicable.
  2. That the interest to be transferred shall be the Fee Simple Interest subject to any subsisting licences or interests, in an area comprising of 6.927 hectares (17.117acres) or thereabouts, as shown outlined in red on the attached Indicative Drawing No. SDCC-SQ-DISP-001.
  3. That the Council shall prepare a formal disposal map indicating any wayleaves/rights of way which may be required by the Council, if necessary.
  4.  That each party shall be responsible for its own fees in relation to this transaction.
  5.  That the date of closing of the transaction shall be no later than three months from the date of receipt of the necessary approvals and consents of both the board of NAMA and the members of the Council.
  6.  That the Council's Law Agent shall draft the necessary legal documents and shall include any further terms he deems appropriate in an agreement of this nature.
  7.  That no contract enforceable at law is created or intended to be created until such time as contracts have been exchanged.
  8. That the disposal is subject to the necessary approvals and consents being obtained.
  9. That the disposal is subject to satisfactory proof of title.
  10.  That the disposal includes the cancellation of the Council's option to call-back certain areas within the subject lands.

 NAMA has confirmed it's acceptance of the above terms and conditions.

The lands being disposed of form part of lands acquired from Dublin City Council (formerly Dublin Corporation)in 1996 under the Scheme of Transfer of Lands, pursuant to the Local Government (Dublin) Act, 1993,  part from lands acquired in 1968 from Walkinstown Estates  for roads/park/housing purposes and part from lands which came into the Council's possession following the closure of the Dublin & Blessington Tramway in 1932.

D. McLoughlin

County Manager