Luxury Dublin apartment block with homes costing up to €3,300 a month suffers water damage
A LUXURY apartment complex where homes will cost up to €3,300 per month to rent has suffered water damage following an internal leak.
Engineers are assessing the damage to flooring, ceilings and electrical systems at the 22-storey Capital Dock development in the Dublin Docklands which was damaged overnight.
Most of the scheme is owned by US property firm Kennedy Wilson. State bad-bank Nama owns 15pc of the fund which owns the building.
“There was a leak from a valve which they think lasted for around 20 minutes,” a spokesman for Kennedy Wilson said.
Some 190 apartments are in the building, some of which were advertised for rent at €3,300 per month.
The units are expected to be tenanted from early in the new year, and the building owner said there would be no delays.
Sources said it appears the water flowed from the upper floors, cascading through the building.
One said the owners would have to go through the building ‘floor by floor’ to assess the damage, which could delay the letting of apartments.
A spokesman for Kennedy Wilson said it did not expect any impact on the ‘timelines’ of the building.
The development includes and on-site concierge, a cinema, 24-hour security, gym, business suits and a games room.
The scheme is one of the largest mixed-use developments ever created in Ireland, spanning 4.8 acres and featuring some 690,000 square feet of offices, retail and residential units, along with more than 1.5 acres of public parks.
A spokesman for Capital Dock confirmed that video footage was of the building, but stressed the apartments were not damaged.
“There was a failure of a valve on the 22nd floor which ran down the building. The water was switched off. The water ran down an enclosed riser so no apartments were affected,” he said.
“The water has been removed and common areas are drying out. Everything is on track in terms of the roll-out of the building, with move-in date on January 7.
“My understanding is the majority of the water ran down this enclosed riser and pooled in the basement car park lobby.”
US bank JP Morgan and a jobs website called Indeed have reportedly committed to occupying all of the available office space, with the 190 apartments due to be available for letting in January.
A Nama spokesman confirmed it held a 15pc stake in the fund which owns the building.
“Kennedy Wilson is the asset manager and queries relating to the building should be directed to it,” he added.