Central Bank of Ireland Delays Sandyford Land Sale for 7+ Years; LDA Eyes 800 Homes

The Central Bank of Ireland will not exit its 37-acre Sandyford site near the M50 motorway in south Dublin for at least seven more years. This land is sought by the Land Development Agency (LDA) for approximately 800 homes, suggesting a decade before redevelopment.

In 2022, the bank, led by CEO Gabriel Makhlouf, decided to relocate its cash-management facility, operational since the 1970s. It acquired 29½ acres at Balseskin, Fingal, for €14 million in 2024 to build a new center. The project, funded by the bank, has no announced budget, but renovating the existing facility was deemed as costly as a new build. The bank estimates a new cash center will take at least seven years due to complexity and security.

The LDA has engaged with the central bank regarding purchasing the Sandyford site for social and affordable housing, estimating its value up to €100 million. LDA CEO John Coleman previously stated it could accommodate around 800 homes.

The central bank reported a loss of €104.6 million last year, an improvement from a €795.4 million shortfall in 2024. This follows the end of a super-profit era in 2022. Unused provisions for expected losses stood at €1.97 billion. The bank generated over €23.5 billion in profits from 2007-2022, transferring over €18.5 billion to the Government. Its gold holdings increased 46 percent to €1.42 billion.