Dublin Landing PRS Scheme Set to Reach €200m in Sale - Construction Network Ireland - Construction Network Ireland

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Published in Construction on 04/12/2018

Dublin Landing PRS Scheme Set to Reach €200m in Sale

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CNI Editor reports

Upwards of a dozen parties are understood to have expressed an interest in the 268 luxury apartments being offered for sale at ‘Dublin Landings Residential’, the exclusive private rented sector (PRS) scheme that Ballymore and its partners Oxley are delivering in the Dublin Docklands as part of the wider Dublin Landings development.

With first round bids due to be submitted for the apartment portfolio on December 12 next, market sources told the Irish Independent they expect to see offers approaching, and possibly exceeding, the €200m mark.

Asked to explain the rationale for that pricing, sources pointed to the benchmark set by Cairn Homes’s sale earlier this year of 120 apartments at nearby Six Hanover Quay for €101m to a special purpose vehicle managed by Carysfort Capital. The sale price represented an average gross price of €800,000 for each of the apartments.

Were those figures to be replicated or surpassed at Dublin Landings Residential, Ballymore and Oxley could secure a sale price in the region of €214m.

The 268 units at Ballymore’s ‘Dublin Landings Residential’ will comprise 82 one-bed, 146 two-bed, and 31 three-bed apartments, in addition to nine three-bed duplexes. The scheme, the first phase of which is due to be completed in September 2019, will include numerous on-site resident amenities including a concierge service, landscaped gardens, a private gym, business lounges and 210 basement parking spaces.

All told, the ‘Dublin Landings’ waterfront regeneration project is set to extend to 100,000 sq m (1,076,391 sq ft) of office, residential and retail/leisure accommodation.

REF: Irish Independent