Planning permission has been sought for the first phase of one of the largest developments planned for Dublin’s docklands under Dublin City Council’s new fast-track planning scheme.

Project Wave, a commercial and residential development on the north side of the River Liffey, will take up 10 per cent of all the development land available in the Docklands Strategic Development Zone (SDZ) and provide in excess of 50,000sq m of office and commercial space, and more than 250 apartments.

The Nama-backed scheme is on a 2.2 hectare site on North Wall Quay, which wraps around the new headquarters of the Central Bank of Ireland, currently being built from the shell of the abandoned Anglo Irish Bank headquarters.

Nama did not respond to queries about the total cost of the development.

Significant attention

However, last December Nama chose a team of Singapore developer Oxley Holdings and Seán Mulryan’s Ballymore Properties to develop the land.

Under the terms of the transaction, the group led by Oxley will acquire a long leasehold interest with the right to develop, manage and realise the site.

Nama will retain the freehold interest and will receive a secure income stream in addition to a percentage of any future sales proceeds.

70/30 mix

The development will be completed in three phases. The first phase, which is now under consideration by the city planners, will involve the construction of two interlinked office blocks of seven and nine storeys, immediately adjacent to the Central Bank.

Oxley is headed up by former Singapore police officer Ching Chiat Kwong, who has, according to Fortune magazine, a net worth of €770 million.

Mr Kwong made his name in Singapore as the “Shoebox King” for developing compact apartments.

However, Project Wave will have to comply with the SDZ scheme as well as the Dublin City Development Plan which set a minimum size of 55sq m for a one-bedroom unit.