One of the last remaining development sites in Dublin’s Docklands on the market for €110,000,000 - Construction Network Ireland - Construction Network Ireland

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Published in Commercial Property on 09/05/2018

One of the last remaining development sites in Dublin’s Docklands on the market for €110,000,000

CNI Editor reports

A 5.91 acre site in Dublin’s Docklands has been placed on the market for sale with a guide price of €110,000,000 on the instruction of David Carson, statutory receiver. Savills and Cushman & Wakefield are joint selling agents.

The development opportunity, known as City Block 3, is offered for sale in three lots with a guide price of €45,000,000 for the residential site and €65,000,000 for the commercial site.

The residential planning permission, designed by O’Mahony Pike, is for 347 units comprising 340 apartments (103 no. 1 beds, 191 no. 2 beds and 46 no. 3 beds), and 7 no. 3 bed two storey houses. This planning permission was secured in advance of the new apartment design standards which were published in March 2018. More recent feasibilities studies suggest that these revised standards could push the residential densities between 400 to 450 units, depending on mix and layouts.

The commercial site, designed by Reddy Architecture + Urbanism, has a pending planning application for a substantial office scheme over three blocks with some retail space provided at ground level. The finished scheme will offer approx. 30,890 sq m (332,497 sq ft) NIA of office space, which complies with NZEB (Nearly Zero Energy Building) standards.

Commenting on the site, Joint agents Savills and Cushman and Wakefield Ireland said, “CB3 Docklands represents a unique urban regeneration opportunity of scale located in the heart of Dublin, 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.”

They added, “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, while also adjoining the IFSC, regarded as one of Dublin’s premier business addresses.”