A welcome sign that residential development is becoming more attractive than offices for some locations is reflected in the recent planning consultation for a development of 415 build-to-rent apartments in part of Newmarket Square in Dublin's Liberties.
Carrey Issuer DAC, which is understood to be backed by Bain Capital, has signalled to An Bord Pleanála that it wishes to apply for fast-track planning permission for the apartments and the Bord will indicate next month if Carrey can formally apply for the permission.
The units will be built on a part of a 0.65-hectare site, which already had planning permission for a 239-bedroom hotel, 92 apartments and 6,154 sq m of net office space.
The agents Cushman & Wakefield had been guiding around €30m for the site and it is understood to have achieved over that figure.
As part of its promotion prior to the site sale, the agents had pointed out that the number of apartments on the site could be increased to 260.
Instead the Carrey team have opted to not alone reduce the size of the hotel to 151 bedrooms, but to drop the offices so that an even greater number of apartments could be built.
Together with PI Hotels & Restaurants Ireland Limited, understood to be connected to Premier Inn, Carrey submitted a separate application to Dublin City Council for permission to build the 151-bed hotel.
Blenders, a sauce manufacturer owned by the Simpson family, sold the site.