Sunday 26 March 2017

Market test as Docklands building goes up for sale

PROPERTY

Emmet Oliver

The moribund Dublin property market is to be tested afresh with one of the major buildings in Dublin's Docklands to be marketed to investors.

The Riverside II/Forbes Quay building in Dublin's Docklands was developed by a group of high net worth individuals, led by developer Paddy Kelly.

It is understood the project was funded with finance from Bank of Scotland (Ireland), now known as Certus.

It is not known if the bank ordered the sale of the building, but Frank Knight, the estate agents, will be sounding out prospective buyers in coming weeks.

Beauchamps solicitors are the key sitting tenants in the building, which was built by P Elliott.

Planning permission for the building was given toward the end of the boom by the Dublin Docklands Development Authority. The project is located on Sir John Rogerson's Quay.

The entire 8,200 sq metre building in this development, was let prior to completion.

The cost of the project was about €35m, but it is not clear what Frank Knight is seeking.

According to builders, the residential content of the scheme (Forbes Quay) comprises 124 apartments.

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