Wednesday 21 August 2019

Green REIT seeks permission for new Dawson St cinema

 

Brad Pitt, Margot Robbie and Leonardo DiCaprio attend the premiere of Once Upon a Time in Hollywood. Plans for a cinema in Dublin’s Dawson Street have been put forward by Green REIT. Photo: Fabrizio Bensch/Reuters
Brad Pitt, Margot Robbie and Leonardo DiCaprio attend the premiere of Once Upon a Time in Hollywood. Plans for a cinema in Dublin’s Dawson Street have been put forward by Green REIT. Photo: Fabrizio Bensch/Reuters

Fearghal O'Connor

Green REIT is to include a cinema at a high-profile property that it has developed on Dublin's Dawson Street.

The property company - which has been in the news in recent days over its potential sale to a UK-based firm - has notified Dublin City Council of its intention to apply for planning permission for the cinema next to the Ivy restaurant at the Dawson Street Luas stop.

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Planning permission was previously obtained by Green REIT for a retail unit as part of wider plans for the site formerly occupied by Royal & Sun Alliance House.

It now intends to seek permission for a change of use, from retail to a licensed cinema occupying an area of 474 sq m, it said in a planning notice.

"The proposed licensed cinema will accommodate two auditoriums and will include ancillary food and beverage provision," it said.

When Green REIT was contacted for further details, a spokesperson said that it was unable to comment at this time.

The company bought the entire site for €23m in 2014 and has since built a major new development - called One Molesworth - which includes the Ivy restaurant and the headquarters of Barclays Bank.

The Green REIT portfolio - which was valued at €1.48bn - includes the Horizon Logistics Park, close to Dublin Airport, and the Central Park office development in Sandyford.

Last week, Green Reit named UK-based Henderson Park Capital as preferred bidder in a sales process that could see the entire company sold for around €1.3bn.

Irish property investors Irish Life and Kennedy Wilson were also understood to have progressed to the second round of bidding, according to reports.

In April, the property business was put up for sale by the Green REIT management company because of what was described as a persistent gap between the valuation of its property portfolio and its share price.

Since the end of 2018, the share price of Green REIT has risen from €1.35 to over €1.80 at close of business on Friday.

Sunday Indo Business

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