Sunday 26 May 2019

Dublin Docklands site for sale at €120m

An artist’s impression of how the Project Waterfront site might look upon completion
An artist’s impression of how the Project Waterfront site might look upon completion
Ronald Quinlan

Ronald Quinlan

The last remaining waterfront development site in Dublin's north Docklands has gone on the market with a guide price of €120m.

Located next to the 3 Arena and the Point Village, the 4.6-acre 'Project Waterfront' holding comprises two adjacent sites and comes with planning permission for 420 apartments and some 300,216 sq ft (17,891 sq m) of offices distributed across four blocks.

Joint agents Savills Ireland and Cushman & Wakefield are offering the land - which sits within the Dublin Docklands Strategic Development Zone (SDZ) - for sale on behalf of statutory receiver, David Carson of Deloitte.

While the planning permission allows for the delivery of 420 apartments across two buildings, ranging in height from six to 11 storeys, feasibility studies suggest the Government's recently-revised planning guidelines could push this figure to between 494 and 526 units, depending on the proposed mix and layout.

The commercial scheme was granted a ten-year planning permission in December 2017, while the residential scheme has a five-year permission, also granted in December 2017.

The site is expected to attract significant interest from investors seeking private rented sector housing stock at aggressive yields and from office developers looking to deliver a major waterfront corporate headquarters.

In the case of the latter, a recent analysis suggests that demand for space in Dublin has reached a post-recession high of 4.1 million square feet.

Around 89pc of that demand is focused on the city's core central business district.

Irish Independent

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