Colony Capital Acquisitions have acquired a 4.6 acre site in the heart of Dublin’s docklands for a price in excess of €180m, according to Savills and Cushman & Wakefield who handled the sale on behalf of statutory receiver, David Carson.
Known as ‘Project Waterfront’, the sale presented a rare opportunity to acquire the last remaining waterfront development site in Dublin’s north docklands.
Situated within the Strategic Development Zone (SDZ) and adjacent to the 3 Arena, the site has planning permission for the development of four office buildings ranging in height from 6 storeys to 8 storeys and a total net office area of approx. 27,891 sq.m. (300,216 sq.ft).
In addition, planning also allows for a residential development comprising two residential buildings ranging in height from 6 storeys to 11 storeys, accommodating 420 apartments comprising 1, 2 and 3bed units. Following the publication of the revised apartment guidelines in 2018, there is potential to significantly enhance and add value through design and planning refinement to increase the density and mix of units to between 494 and 526 units.
According to Savills, the finished residential scheme will be well positioned to benefit from the huge weight of equity seeking PRS (private rented sector) stock at aggressive yields in Dublin while the office scheme provides an opportunity for a prestigious Waterfront HQ.
In terms of an office location, Dublin Docklands have undergone a dramatic transformation in recent years, with the ongoing development of “Dublin Landings” to the west of the site, the “EXO” and “North Docks” office buildings to the east in front of “Point Square Shopping Centre” and the “Point Campus” student accommodation building.
The heightened development activity has enhanced the popularity of this area which is now considered a premium business address. A recent analysis on the Dublin office market suggests that demand for office space has reached a post-recession high of 4.1 million square feet (up from 3.5m sq. ft. pre-Brexit vote). 89% of this demand is focused on the core CBD area.