The former Apollo House site in Dublin has been acquired by Pat Crean & Partners for a sum in excess of €50m. The sale was handled by Savills on the instruction of Simon Coyle and Tom O’Brien of Mazars.
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 predominately office building extending to approx.12,622 sq m (135,863 sq ft). The grant of planning permission allows for ground floor retail, café, bar and restaurant units. Demolition of the former Apollo House has already taken place.
Designed by award-winning Henry J. Lyons and MOLA, 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 on most of the upper levels.
Mark Reynolds, Director of Development and Consultancy at Savills Ireland said given the fact this is one of the few sites with development potential remaining in Dublin’s CBD, it was no surprise that demand from a variety of buyers was strong, which led to a very expedient sales process. “There is still strong demand in Dublin for quality office stock in good locations, and The Apollo Dublin certainly meets this criteria.”
In the last two years, office-based employment in Dublin has risen by 8%, 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 and public and private administration now account for almost 37% of all jobs in the capital.
Increasing staffing levels through new entrants and expansions is translating into continued strong demand for office space in the capital, with Savills active demand database showing a current requirement of 4.82 million sq ft (448,000 sq m).