Sean Mulryan's Ballymore to partner with CIE on 'Bosto Sidings' development
Developer Sean Mulryan's Ballymore Properties is to partner with CIE on the development of a new high-rise office scheme at Grand Canal Quay in Dublin's docklands.
Ballymore's tender for the site, known as Boston Sidings, is understood to have won out over competing proposals from a number of leading developers and investment funds seeking opportunities in the rapidly-emerging south docks.
It is believed that Johnny Ronan's Ronan Group Real Estate (RGRE) and Tony Leonard and Paddy McKillen's Clarendon Properties were among the parties which submitted tenders for the development of the 0.87-acre site. Upon completion the site is expected to accommodate up to 120,000 square feet of office space.
Boston Sidings derives its name from the site's use by CIE over many years as sidings for its train services. With the State transport company no longer requiring the land for that purpose, it decided earlier this year to seek a developer partner with a view to unlocking its development potential.
With rents in the south docklands now hovering between €50 and €60 per square foot, agents Lisney estimated when they launched the marketing campaign for Boston Sidings last July, that the site could provide CIE with more than €1m per annum by way of a premium rent or a 10pc share of the rent roll, or whichever is the greater.
Boston Sidings is located next to Grand Canal Dart station, and has frontage on to both Macken Street and Grand Canal Quay and Clanwilliam Terrace.
Given its proximity to the operations of tech giants Google and Facebook, Accenture and blue chip law firm Mason Hayes & Curran, the site is likely to attract significant interest from a range of corporate once it is developed.
In entering into partnership with CIE, Ballymore will be expected to handle the entire planning process and to build out the office scheme. A spokesman for Ballymore Properties declined to comment on the matter when contacted by the Sunday Independent.
CIE has already been involved in several successful partnerships in the Dublin docklands with developer Johnny Ronan. It is also partnering with RGRE on the development of the Aqua Vetro Tower next to Tara Street station.
While Ronan's proposal for the 22-storey building was rejected earlier this year by Dublin City Council, the developer is awaiting a ruling from An Bord Pleanala on his appeal of the decision.
Sunday Indo Business