ONE OF THE few remaining development sites available on Dublin’s docklands is set to hit the market with a €110 million price tag.
The site, placed within the local Strategic Development Zone (SDZ) and known as City Block 3, has been divided into three lots, or divisions for acquisition – a residential block, a commercial block, and the 5.91 acre site in its entirety.
The site has significant borders with Mayor Street Upper, Castleforbes Road, New Wapping Street, and Sheriff Street Upper off Dublin’s north quays. It also stands adjacent to similar dockland sites which have been recently developed, including Spencer Place, the Point Campus, and the Exo Building.
The residential block for sale has been valued at €45 million, and the commercial block at €55 million.
Residential planning permission for 347 units (marked as Lot 1) has been granted, 340 0f which will be apartments. More recent feasibility studies have suggested that figure could rise to anything between 400 and 450 units, depending upon the scale and design of the dwellings in question.
The commercial site, 2.35 acres in size, is awaiting planning permission for the construction of about 333,000 sq ft worth of office space.
Joint agents Savills, together with property advisers Cushman and Wakefield, have suggested that potential buyers will be ‘encouraged’ by the performance of the market in adjacent developments, with five lettings covering over 100,000 sq ft secured in 2017.
The site represents a “unique urban regeneration opportunity” according to the joint selling agents, “at a time of strong underlying office and residential demand”.
“The site is one of the most prominent large-scale development sites within the city centre, in a highly sought-after location to both live and work,” a spokesperson said.
“This significant land bank offers the opportunity to deliver a new urban campus for the north docklands, all within walking distance of major retail, cultural and leisure centres.”
“Securing a site with such scale and in such a central location is a real rarity in the Dublin land market,” they added.
Written by Cianan Brennan and posted on TheJournal.ie