The solicitor-turned-developer has yet to lodge a planning application with Dun Laoghaire/Rathdown council for the tower on the site of the former MJ Flood building on Sandyford industrial estate, which he has acquired for a reported €12m from Hibernian, the insurance company.
The height of the tower has not yet been finalised but sources said the building will have at least 12 stories.
Smyth was forced to quit Dunloe in 2002 after a prolonged battle with Liam Carroll, another developer, over control of the company. Since then he has largely confined his property dealings to the UK through a company called Alburn.
Smyth is currently involved in a long-running battle at Real Estate Opportunities (REO), the Jersey-registered property vehicle in which Richard Barrett and Johnny Ronan, the joint owners of Treasury Holdings, hold a 35.5% stake. Smyth controls about 10% of the company which has substantial property holdings in the UK and Ireland.
In July he crossed swords with the Treasury duo at REO’s annual meeting, raising questions about the fees paid by the company to Treasury for consultancy services. According to Dublin property industry sources, Smyth is believed to be unhappy that an earlier approach from him to take the company private was rebuffed.
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While Smyth and Treasury slug it out over the future of REO, this latest development means they are now also competing to develop adjacent schemes in Sandyford.
Treasury plans to build a 145,000-sq-ft mixed-use development on the former Allegro site in Sandyford, which will also include an 11-storey residential tower.
Dun Laoghaire/Rathdown county council confirmed that both Smyth and Treasury Holdings submitted proposals for two tower-based schemes. The area is expected to see a wave of retail and residential development over the next two years following a change in planning policy within the council aimed at encouraging the development of more affordable accommodation for people working in the area.
Michael Gough, the director of economic development and planning at the council said: “We changed our policy in the development plan because we had a situation where workers were commuting for as much as two hours and nobody could afford the expensive family housing in the surrounding areas.”
Smyth’s tower is expected to be one of the tallest residential developments to be brought forward in south Dublin in recent years. Smyth has appointed DEGW, an international design consultancy, to conduct a height study for the planned mixed-used development, which is also likely to include a shopping centre.