Saturday 18 August 2018

Dublin Landings €20m Nama boost

The Dublin Landings development
The Dublin Landings development

Ronald Quinlan Commercial Property Editor

Nama is set for a €20m windfall as the joint developers of the Dublin Landings scheme in the capital's docklands have announced plans to sell the first phase of the development.

Joint agents CBRE and Knight Frank are guiding a price of more than €150m for No 1 Dublin Landings.

The sale of the scheme which is being developed by Sean Mulryan's Ballymore in partnership with Singapore-headquartered Oxley Holdings, could potentially deliver in the region of €20m for Nama based on its 20pc stake in the joint venture.

Located next to the Central Bank's new headquarters, No 1 Dublin Landings is already slated to become the new headquarters of Nama's parent body, the National Treasury Management Agency (NTMA), once it moves from its current base at the Treasury Building on Grand Canal Street.

While the NTMA had originally looked to take 7,710sq m (83,000sq ft) at No 1 Dublin Landings, it subsequently revised its plan, opting instead to lease the entire building, giving it an extra 5,574 sq m (60,000 sq ft) of space. All told, the State agency will be renting some 13,284sq m (142,986sq ft). The NTMA has agreed a 25-year lease for its new office space and will pay a rent of €538 per square metre (€50 per square foot).

The overall Dublin Landings development will consist of approximately 678,000 sq ft of office space and 270 apartments, each one of which will come with its own car parking and bicycle space. It is possible that prospective occupiers of future phases of the scheme's offices will be given first refusal on the rental of the apartments there.

Irish Independent

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