Wednesday 17 January 2018

Foley Street block sells for nearly €3m

Block B of The Steelworks on Foley Street in Dublin 1 sold for €2.77m
Block B of The Steelworks on Foley Street in Dublin 1 sold for €2.77m
Peter Flanagan

Peter Flanagan

TWM Select has sold an office building in the centre of Dublin for nearly €3m.

The property specialists sold Black B of The Steelworks on Foley Street in Dublin 1 for €2.77m.

The building had been vacant since construction in 2007 however Ollie Lyons of TWM who handled the sale on behalf of receiver Kieran Wallace of KPMG highlighted the strong interest for the building,

“We had in excess of 25 viewings over the course of the marketing campaign and received a good number of offers on calling for best bids. The interest was primarily from investors,” he said.

The property is described as “a modern five storey office block constructed in 2007 and extending to 23,000 sq ft with 10 basement car spaces”.

The purchaser was Wonderglade, an real estate investment firm. That company is now expected to upgrade the property and endeavour to source an occupier for the block “given the likely end user demand”.

According to Mr Lyons, it was “interesting to note also that there was good demand for alternative uses such as student accommodation and residential”.

“Again, these are sectors experiencing a shortage of accommodation,” he said.

The student accomadation market in particular is seeing a period of rapid expansion at the moment.

GSA and the Creedon Group have applied for planning permission for a €41m development on a 2.56 acre freehold site at Mill Street, Dublin 8, for a mixed use scheme, including a c.400-bed student residence together with retail, restaurant and office space for occupation by local businesses.

GSA will fund, develop and operate the student accommodation on a long-term basis while The Creedon Group intends to complete the development by mid 2017, having it occupied by September.

Meanwhile a Singapore-based Irish businessman is planning to build a multi-million euro student accommodation development in Dublin’s inner city.

Peter Mullins is the owner of Mullins Investments, which wants to demolish 18 former IDA light industrial units close to O’Connell Street and construct a seven-storey building that would have an estimated 140 accommodation units.

The scheme will extend over almost 17,000 sq m and accommodate about 520 students.The plans also call for ancillary services for students, including a cafe and study room.

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