Joe O'Reilly's Chartered Land has decided not to exercise its option to take a 50 per cent stake in the Dublin Central development site that is now owned by UK listed developer Hammerson.
The Irish property group had originally assembled the prime site, which is bounded by O’Connell Street and Moore Street in the heart of the capital. However, it lost control of the asset after its loans were sold by Nama to Hammerson in a deal that closed in 2016.
As part of that transaction, Chartered Land was announced as the development manager for the Dublin Central project with an option to take a half-share by June 1st of this year.
Hammerson confirmed to The Irish Times that Chartered Land did not exercise the option. Chartered Land were unavailable for comment.
Dublin Central comprises 5.3 acres, which currently generates €2 million a year in rent. Mr O’Reilly had secured planning permission for an ambitious 130,000 sq metres mixed-use scheme, which was thwarted by the collapse of the banking and property markets here in late 2008. The planning permission for the site has been extended until 2022.
In 2008, The Irish Times reported that Chartered Land had spent €180 million assembling the site.
