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Prime Dublin site hits the market for €110m

By James Buckley - Wednesday, May 09, 2018 8:20

Savills and Cushman & Wakefield have been instructed to sell a prime development site in Dublin’s Docklands for €110m.

City Block 3 Docklands, which is located within the Strategic Development Zone (SDZ), is a 5.91-acre site has been placed on the market by Deloitte receiver, David Carson, in three lots:

Lot 1 - 1.44 hectares (3.55 acres) with full planning permission for approx 347 residential units. Guide price €45m

Lot 2 - 0.95 hectares (2.35 acres) with a pending planning application for a predominately office scheme of approx. 30,890 sq m (332,497 sq ft) NIA. Guide price €65m.

Lot 3 - The Entire – 2.39 hectares (5.91 acres). Guide price €110m.

The site has frontage to Mayor Street Upper, Castleforbes Road, New Wapping Street and Sheriff Street Upper.

CB3 Docklands is primed for development on the back of progress on adjacent blocks, such as NAMA, Ballymore, Oxley’s Dublin Landings on Block 8, Ronan Group’s Spencer Place on Blocks 2 and 7, Blackrock’s Point Campus on Block 5, TIO North Dock and NAMA on Block 10.

Residential planning permission has been secured for 347 units comprising 340 apartments and 7 no. 3 bed two storey houses. The residential site could appeal to PRS investors, such as the new joint venture launched this week by Kennedy Wilson and AXA IM – Real Assets.

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.

Joint agents Savills and Cushman and Wakefield Ireland said in a joint statement: “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. 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.

“Securing a site with such scale and in such a central location is a real rarity in the Dublin land market and this sale offers an opportunity to acquire either the residential or commercial site solely or the combined holding.”

jbuckley@costar.co.uk

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