Following a competitive bidding process, Savills has concluded the sale of prime development lands at RTE, Donnybrook, Dublin 4, to Cairn Homes Plc for over €107.5m.
Branded ‘Project Montrose’, the sale comprised 8.64 acres of lands owned by Irish national broadcaster, RTÉ (Raidió Teilifís Éireann).
The site sits adjacent to RTÉ’s broadcasting headquarters in Donnybrook and will provide the incoming purchaser with the opportunity to develop a mid to high-end housing scheme of up to 500 units comprising a mix of apartments and houses – subject to securing necessary planning permission.
In a statement, RTÉ Director General Dee Forbes said the decision to sell the land was taken because RTÉ has been operating with vastly reduced commercial and licence fee income of approximately €100m annually.
Ms Forbes said the funds raised will be invested in capital projects, essential workplace improvements and reducing debt.
Ms Forbes added: “RTÉ is playing catch-up in an industry and market that is evolving rapidly, as Irish audiences embrace new technologies which are influencing how and when they consume content, including RTÉ content.
“The investment which has been enabled by this land sale, along with further restructuring of the organisation, will allow us to better serve the needs of our audiences.”
Mark Reynolds, Director, Savills Ireland said:“When we launched Project Montrose to the market back in April, we described it as a once in a generation opportunity to be part of a truly transformative development story in one of Dublin’s most affluent and fashionable areas. The competitive bidding process and final sale price of €107.5m is a testament to that. We now look forward to seeing this development come to life and providing a new high-quality scheme in Dublin 4.”
This is the most significant land sale to have taken place in Dublin in 2017 and sets a new benchmark for land values in the area.
