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Published in Commercial Property on 26/09/2018

The Apollo Dublin on the Market Through Savills

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CNI Editor reports

The former Apollo House site in Dublin has been placed on the market for sale on the instruction of Simon Coyle and Tom O’Brien of Mazars who have appointed Savills to handle the sale.
 
Situated on Tara Street, in the heart of Dublin city centre, the 0.72 acre site comes with full planning permission for a 10-storey over basement office building extending to approx.12,622 sq m (135,863 sq ft) NIA. The grant of planning permission also allows for ground floor retail, café, bar and restaurant units. Demolition of Apollo House has already taken place.
 
Designed by award-winning architects Henry J. Lyons, the new building will feature a double basement providing 40 car parking spaces and 166 bicycle spaces – with associated shower and toilet facilities. A wrap-around terrace on the eight-floor will give panoramic views of the Dublin Docklands, with additional outdoor space available on most of the upper levels.
There are very few sites with development potential remaining in Dublin’s CBD, so this truly is one of the last opportunities to acquire a site of scale in a location where demand for office space is strong according to Mark Reynolds, Director of Development and Consultancy at Savills “We expect there to be interest from a variety of buyers, including developers, REITs, pension funds and investors.”
 In the last two years office-based employment in Dublin has risen by 8.2%, with an additional 18,800 office-based jobs created in that time. As a result, the office denominated sectors of financial services, professional & technical services, information & communications technology (ICT) and public and private administration now account for over 35% of all jobs in the capital.
 
As a result, demand for office space is at its highest level, with current market enquiries equating to over 6 million square feet.