Sunday 19 August 2018

€100m price tag for docklands scheme

An artist’s impression of the central plaza at Ballymore and Oxley’s Dublin Landings scheme
An artist’s impression of the central plaza at Ballymore and Oxley’s Dublin Landings scheme

Ronald Quinlan Commercial Property Editor

When Ballymore chief Sean Mulryan and his partners at Singapore-headquartered developers Oxley unveiled plans in October 2016 for over a million square feet of offices and apartments in the Dublin Docklands, there were some who may have baulked at the scale of their ambition.

Fast forward to today however, and it would appear that Mr Mulryan got his timing right in relation to the delivery of the Dublin Landings scheme. Having only recently sold No 1 Dublin Landings to the German pension fund, Triuva, for around €164m, Ballymore and Oxley are now offering No 2 Dublin Landings to the market through joint agents CBRE and Knight Frank for €98.8m.

Due for completion later this month, the building should prove attractive to investors, as it has already been pre-let to global co-working operator, WeWork.

Located next to the new headquarters of the Central Bank of Ireland and the new head office of the National Treasury Management Agency (NTMA) at North Wall Quay, the overall Dublin Landings development extends to 93,000 sq m (1,001,043 sq ft). In addition to No 1 & 2, a further three office blocks will be developed on the site providing a further 28,700 sq m of space. The construction of all three buildings is under way with a view to making them available for occupation in 2019.

All told, Dublin Landings will comprise 298 apartments, offices, restaurants, bars, retail, and landscaped gardens.

Some 6,000 people are expected to work and live at the docklands scheme once it is finished.

Irish Independent

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