€27m for Docklands site with scope for 400 apartments
Developers and investors will be drawn in their numbers to a development land bank of over five acres in Dublin's North Docklands with the potential to accommodate in the region of 400 apartments.
Agents Savills Ireland are guiding a price of €27m for the site at 1-3 East Road, which is being sold on the instruction of Duff & Phelps.
The property comprises a site of 2.10 hectares (5.20 acres) and is zoned Objective Z14 (Strategic Development and Regeneration Areas) under the terms of the Dublin City Development Plan 2016 - 2022.
While there is no current planning permission, a feasibility study prepared by architects O'Mahony Pike suggests the site could accommodate a scheme of 400 apartments ideally suited for the Private Rental Sector (PRS) subject to securing the necessary planning permission.
The property is currently occupied, however vacant possession is available by August 2018. This provides the purchaser with an opportunity to benefit from short-term income whilst seeking planning permission for a scheme of development.
The site is located within walking distance of the Luas Red Line termimus at the Point Village District Centre, offering rapid access to Connolly Rail Station and Dublin city centre.
Point Village is a significant development in its own right comprising the Point Village retail centre, the 3 Arena and the Gibson Hotel.