Friday 20 April 2018

Development site for offices and hotel in Dublin's city centre may fetch up to €50m

The site at Spencer Dock has permision for a hotel and two office blocks
The site at Spencer Dock has permision for a hotel and two office blocks
Peter Flanagan

Peter Flanagan

A development site in Central Dublin is to be put on the market with a pricetag in the region of €50m.

The six acre site at Spencer Dock is being put on the market on the instructions of joint receivers Luke Charleton and David Hughes of EY.

JLL and BNP Paribas Real Estate have been retained to manage the sale.

The property, which is part of a site originally held by CIE, is between the PwC Building and the new headquarters of the Central Bank. It is zoned for mixed use development and the agents claim it could allow for a new urban quarter adjacent to the existing completed Spencer Dock Development.

Mr Charleton commented: "given the lack of prime properties available in Dublin to cater for the current volume of demand in many sectors particularly foreign direct investment, this major development site has the potential to house two large headquarters for businesses looking to move or locate in this area. We expect a great deal of interest in this development both from local and international investors."

This site has planning permission for a 169 bedroom hotel, over 31,580 sq m (340,000 sq ft) of office space and 165 apartments with additional lands to accommodate further mixed use development. This presents national and international developers with the opportunity to deliver a high density city centre development with signature landmark buildings.

The site is divided in two by the Red Luas Line on Mayor Street Upper. The southern portion of the site which overlooks the River Liffey is earmarked to accommodate the high quality commercial element. The 169 bedroom hotel will be within the former London and North Western Hotel dating back to the 1800's with an interlinking eight storey modern extension.

The agents claim that the front office block will provide almost 180,000 sq ft of office space over nine floors including a penthouse level providing "some of the most spectacular views across Dublin". The second block which sits to the rear of the hotel and front office block extends has planning for over 160,000 sq ft over seven floors with community and retail space at ground floor level and six levels of offices above.

The northern section has planning for a six storey multifamily development providing 165 high quality apartments with landscaped communal areas.

The residential element provides a mix of units comprising of 23 one beds, 117 two beds and 25 three beds. The scheme will also have 90 car parking spaces and 186 bicycle spaces.

JLL's Des Lennon commented: "The timing of such a development opportunity is extremely favourable with a current shortage of new office space and residential units in Dublin

BNP's Mark Forrest added that the "scale, location and zoning of the site is an opportunity for the comprehensive redevelopment of a large mixed use site in the docklands".

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