Tuesday 21 January 2020

Dublin city centre site at €3m primed for office & retail

An aerial view of the Townsend Street development site
An aerial view of the Townsend Street development site
Ronald Quinlan

Ronald Quinlan

Agent Knight Frank is guiding a price of excess €3m (exclusive) for a high-profile development site extending to 0.229 acres (0.0929 hectares) on the corner of Townsend Street and Shaw Street in Dublin city centre.

Under the Dublin City Development Plan 2016-2022, the site is zoned 'Z5' City Centre - "To consolidate and facilitate the development of the central area, and to identify, reinforce, strengthen and protect its civic design character and dignity".

On January 19, 2009, Dublin City Council granted planning permission for a mixed-use development involving the demolition of all existing buildings and the construction of a nine-storey office over retail building on the site.

This permission has since lapsed.

RKD Architects have recently prepared a feasibility study for the site in line with the current development plan with five different attractive building options comprising of office accommodation over ground floor retail.

The options drawn up by RKD offer gross floor areas ranging in size from 2,160 sq m (23,250 sq ft) to 2,890 sq m (31,107 sq ft).

The subject site enjoys a prime position in the heart of Dublin city centre, and is well serviced by public transport, with Tara Street station and Trinity Luas Stop situated within 200 metres and 360 metres respectively.

Finín O'Driscoll of Knight Frank says: "Given the positive planning history on this site together with the in-depth feasibility study prepared by RKD Architects, this opportunity will likely attract a great deal of interest from a wide market. Additionally, the immediate area is home to a number of top-class occupiers including WeWork, Royal Bank of Canada, CDB Leasing and Pioneer Investments."

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