Barrett's Bartra to develop docklands CIE site
Developer Richard Barrett's Bartra Capital Property Group is to partner with CIE on the development of a new high-rise office scheme at Grand Canal Quay in Dublin's docklands.
Bartra's tender for the site, known as Boston Sidings, won out over competing proposals from a number of the country's leading developers, including one from Mr Barrett's former partner in Treasury Holdings, Johnny Ronan.
Also in the running to develop the 0.87 acre south docks site were Tony Leonard and Paddy McKillen's Clarendon Properties, and Sean Mulryan's Ballymore Properties.
Boston Sidings derives its name from the site's use by CIE over many years as sidings for its train services.
With the State transport company no longer requiring the land for that purpose, it decided last year to seek a developer partner with a view to unlocking its development potential.
With rents in the south docklands now hovering between €50 and €60 per square foot, agents Lisney estimated when they launched the marketing campaign for Boston Sidings last July that the site could provide CIE with more than €1m per annum by way of a premium rent or a 10pc share of the rent roll, or whichever is the greater.
Boston Sidings is located next to Grand Canal Dart station, and has frontage on to both Macken Street and Grand Canal Quay and Clanwilliam Terrace.
Given its proximity to the operations of tech giants Google and Facebook, Accenture and blue chip law firm Mason Hayes & Curran, the site is likely to attract significant interest from a range of corporate occupiers once it is developed.
Upon completion, the scheme is expected to accommodate up to 120,000 sq ft of office space.
In entering into partnership with CIE, Bartra will be expected to handle the entire planning process and to build out the office scheme. Bartra's success in securing Boston Sidings follows on from its acquisition of a number of other commercial real estate sites in Dublin including Phoenix House on Conyngham Road), St George's Church beside Temple Street Hospital, and an industrial property in Cookstown Industrial Estate.
Bartra's commercial real estate director, Paul McGrath, said: "Our success in securing the development rights to this site continues Bartra's building of a significant platform in the commercial real estate market in Ireland where we see significant opportunities for development.
"The development of this site will add to our growing commercial portfolio and positions our platform for strong growth in the medium term."
Bartra CEO Michael Flannery added that the announcement of Bartra's selection by CIE as its development partner positioned the company "as a high-quality property investor in long-term infrastructure and development in Ireland".