€30m for site on Dublin's quays
A site on the south quays in Dublin has been put on the market with an asking price of around €30m, and is likely to be sold for apartments.
The former British & Irish Steam Packet Company offices and adjoining site along Lime Street is a relatively small site at 0.72 hectares but fronts on to the Liffey close to the Samuel Beckett bridge at 20-27 Sir John Rogerson's Quay.
Crucially, the site has a 50-50 commercial/residential zoning under the Strategic Development Zone masterplan which was launched last year. This allows city planners to grant a special form of planning permission which cannot be appealed to An Bord Pleanála.
Because of that change, it is seen as likely that the buyer of the site would be in a position to get planning permission for a five storey building of at least 140,000 sq ft. That property could inlclude as many as 74 apartments and there would also be the possibility of another three floors that were set back from the street.
Lisney are acting as agents over the site, which has been owned by the same familiy since the 1960s.
Meanwhile, in a sign of the improving state of the office market, Rohan Holdings has begun a speculative development on the Grand Canal close to Charlemont Luas stop.
Once complete, the property would likely command rents in the region of €50 per square foot.
The fact that a developer now believes that it is viable to start a speculative office project is hugely significant.
The shortage of office space has been well documented in recent months but up to now it has been difficult to secure financing for an office block without having an anchor tenant signed up.