Business Irish

Monday 23 October 2017

RTE agree to sell lands to Cairn Homes for 'more than €100m'

A ‘for sale’ sign at the Montrose site. Photo: Colin O’Riordan
A ‘for sale’ sign at the Montrose site. Photo: Colin O’Riordan Newsdesk Newsdesk

RTE has agreed to sell almost nine acres of land on its Donnybrook site for more than €100 million, according to reports.

Irish property group Cairn Homes PLC agreed the sale price which RTE say exceeded the €75m guide.

According to the Irish Times over 500 apartments are expected to be built on the site, which would equate to a purchase price per unit of more than €181,000.

In a statement, RTÉ Director General Dee Forbes said the decision to sell the land was taken because RTÉ has been operating with vastly reduced commercial and licence fee income of approximately €100m annually.

Ms Forbes said the funds raised will be invested in capital projects, essential workplace improvements and reducing debt.

Ms Forbes added: "RTÉ is playing catch-up in an industry and market that is evolving rapidly, as Irish audiences embrace new technologies which are influencing how and when they consume content, including RTÉ content.

"The investment which has been enabled by this land sale, along with further restructuring of the organisation, will allow us to better serve the needs of our audiences."

Mark Reynolds, Director of Savills Ireland, said this is an exciting opportunity for those hoping to get on the property ladder.

He said: “When we launched Project Montrose to the market back in April, we described it as a once in a generation opportunity to be part of a truly transformative development story in one of Dublin’s most affluent and fashionable areas.

"The competitive bidding process and final sale price of €107.5m is testament to that. We now look forward to seeing this development come to life and providing a new high quality scheme in Dublin 4.”

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