Plans for €450m docklands development given the green light
Ambitious plans for a €450m office and apartment development in Dublin's docklands have been signed off by council chiefs.
Dublin City Council has granted planning permission for the construction of 18,000 sq m of office space and 100 apartments at 5 Hanover Quay, Dublin 2.
It is the second grant of planning permission since the area was designated a Strategic Development Zone (SDZ). Last month, DCC approved the construction of 9,300 sq. m. of office space and 58 apartments at 76 Sir John Rogerson’s Quay.
The two plans, which are known as the “Reveal Developments” will cost about €140m to develop and will be worth an estimated €450m by the time they are completed.
The development is being run by Targeted Investment Opportunities - a joint venture including Mullingar-based Bennett Group, a fund tied to the US investment firm Oaktree, and Nama. Savills and DTZ Sherry FitzGerald are the letting agents for the property.
As the development comes under the SDZ, the planning decision cannot be appealed.
Construction is expected to begin by the end of this year, with first phases likely to be completed in 2017.
Oaktree managing director Justin Bickle commented: “We are delighted with the decision by DCC to grant planning approval for TIO plc at 5-6 Hanover Quay and 76 Sir John Rogerson’s Quay in the Silicon Docks.
"The purpose of designating the area an SDZ was to facilitate fast track planning applications for much-needed commercial and residential development – this proves that the system is working well in practice. We now look forward to bringing these plans to life and ensuring the area remains a thriving hub for foreign direct investment.”
Savills’ Roland O’Connell and Ronan Corbett, Director, DTZ Sherry Fitzgerald, said they had already received “numerous enquiries from both local and international office occupiers actively looking to establish or expand their presence in Dublin”.
Nama chief executive Brendan McDonagh said the decision was “an important step in delivering a project that will bring much-needed quality office space and residential accommodation to the Docklands and deliver a commercial return for the taxpayer.
It highlights the benefit of the SDZ designation and faster planning process in delivering high-quality projects quickly”.