Tuesday 18 September 2018

Bidding on landmark Hickeys Parkgate St site in Dublin hits €25m

An aerial view of the Hickeys site at Parkgate Street in Dublin 8 close to Heuston Station
An aerial view of the Hickeys site at Parkgate Street in Dublin 8 close to Heuston Station
Ronald Quinlan

Ronald Quinlan

The sale of the landmark Hickeys site at Parkgate Street in Dublin 8 looks set to secure a premium of at least 25 percent on the €20m price guided by agent Finnegan Menton when they offered it for sale in an 'off market' placing last month.

The Sunday Independent understands that bids on the property have already reached €25m as prospective buyers look to secure a potentially-lucrative foothold immediately adjacent to Heuston Station and at the western approach to Dublin city centre.

While the 1.65 acre (0.67 hectare) site has been in use by Hickeys as the location for its wholesale warehouse for over 40 years, the facility is the subject of a short-term letting which is due to expire on December 31, 2019. The tenant, Hickey & Company, has a rolling break option from January 1, 2019, on giving three month's notice.

The location, profile and accessibility of the Hickeys site makes it ideal for a number of high-value alternative uses including residential, hotel or apart-hotel, a landmark office development or a mix of uses with the potential for retail, café and restaurant uses at ground floor level.

These uses are consistent with the site's Objective Z5 zoning under the Dublin City Development Plan. The stated purpose of this zoning is "to sustain life within the centre of the city through intensive mixed-use development".

The development plan also identifies Heuston Station and its environs as a Strategic Development Regeneration Area (SDRA). As part of this, the area known as the 'Heuston Gateway' is identified as a western counterpoint to the Docklands, offering the potential for buildings of over 50 metres (16 storeys) in height.

The area surrounding the Hickeys site has seen a number of major developments in recent years including Heuston South Quarter (Eir Headquarters), the new Criminal Courts of Justice on Parkgate Street and Kennedy Wilson's Clancy Quay Private Rented Sector (PRS) residential offering at Islandbridge.

Diageo (Guinness) has confirmed its plans to develop a major mixed-use scheme known as St James's Quarter on a 12.6 acre portion of its St James's Gate premises.

Sunday Independent

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