City Island still afloat

BALLYMORE Properties has not gone away.

Sean Mulryan’s company was one of the most recognisable names of Ireland’s building boom and bust. It was unusual, in that only 15% of its development activities were in Ireland when the downturn occurred. This didn’t prevent it becoming involved in NAMA.

Chief operating officer, Paul Keogh, says that the company didn’t know from one Friday to the next if it could pay its staff. On the Friday that Anglo Irish Bank was taken over by the government, it couldn’t. Those were worrying times for the company’s employees.

But Ballymore has worked with NAMA, selling down significant parts of its portfolio to reduce its debt burden and, controversially, has been in receipt of funds to continue construction. “NAMA takes a realistic outlook on certain developments, particularly overseas,” says Keogh. “If the Irish tax-payer stands to gain more by building out a project rather than entering a fire sale, then it makes sense to do so.” That’s not to say that the two sides have not had their differences, but they have learned to work together. Keogh expects the company to exit NAMA, as planned, by the end of 2015.

One of Ballymore’s longest-surviving and most successful markets has been east London. The company has had land banks there, in various stages of development, for 20 years. It has teamed up with Eco World, one of Malaysia’s leading property developers, to release the second phase of London City Island, 417 new apartments units arranged across two blocks. The development will contain 1,145 new residential units, within multi-coloured towers of varying heights and shapes. Each building will be in a single, striking, primary glossy colour, with the 12-acre island joined to Canning Town by a 260 ft red bridge. It is unique in London new-builds, in that you can access Canary Wharf in four minutes, London Bridge in 11, and the West End in 20.

It is also just five minutes from London City International airport. Now run by ex-DAA frontman, Declan Collier, the gateway has big plans to capitalise on its positioning, despite the disadvantage of physical growth restrictions. “We’ve got one runway and we’ll always have one runway,” he says, “but new technologies are making it possible for that runway to bring in higher passenger numbers.” A new, Western Pier development will increase indoor size by 84%, accommodating 600 additional seats. Collier intimates that the airport is in negotiations to add a route from Cork, in addition to the daily City Jet route from Dublin.

The new east London neighbourhoods continue Margaret Thatcher’s vision of 1982. Noting that development in London could only logically go east, she set up the London Docklands Development Corporation, creating an enterprise zone at the disintegrating docklands that ultimately led to the development of Canary Wharf.

Once completed (estimated for 2019), the new London City Island neighbourhood will include its own restaurants, shops, and public-performance areas. The English National Ballet is to make a landmark move from Kensington to the island.

Glenn Howells Architects has designed the apartment interiors with a warehouse aesthetic, open-plan living spaces and loft-style features in a hat-tip to the seafaring history of Leamouth.

Apartment prices start from £300,000. Visit www.ballymoregroup.com.