After assessing interest among developers and investors earlier this year, agent Savills Ireland brought a 3.2 hectare (8 acre) historic site in Dublin’s North Docklands to the market at an indicative price of €80 million.
Located on East Wall Road, Brick Yards has the potential to accommodate a scheme of 1,051 apartments, according to a feasibility study prepared for sale by MCA Architects.
The proposed development, subject to planning permission, will include 458 one-bedroom units, 489 two-bed units, and 104 three-bedroom units, along with 20,780 square meters (223,674 square feet) of commercial space.
The site currently consists of a number of low-rise industrial buildings, which the selling agent says could offer the buyer an opportunity to cash in on short-term income while seeking planning permission for a development plan.
Originally assembled by a joint venture involving Westmeath-based Bennett Group, as it was previously known, the Merchants Gate was last brought to market in 2006 with a much higher indicative price of €150 million.
On that occasion, the site came with full planning permission for a mixed-use development of 83,773 square meters (901,725 feet) with a 19-story tower rising to a height of 65 meters (213 feet) as its centerpiece. The scheme was also to include 721 apartments, a four-star hotel with 200 bedrooms, a boutique hotel with 20 suites, 38,000 square meters (409,000 square feet) of office space, affordable social housing, a gym, swimming pool and shops. , community care center and nursery school.
Although the proposed disposal of the Merchants Gate did not begin in 2006, the combination of the site’s positive planning history and location is expected to see significant interest this time around.
While Dublin’s northern Docklands has been the home of the IFSC for several decades now, it has, in recent years, seen an additional, arguably more dramatic transformation.
Among the area’s main attractions are Live Nation’s 3Arena, a venue that typically hosts more than 100 concerts annually, and Point Campus Student Accommodation, a 966-bed student accommodation development. The North Docklands is also set to become home to Dublin’s tallest office building, Exo. Due to be completed soon, An Post is set to occupy approximately 9,290 square meters (100,000 square feet) of the 17-story building and 15,700 square meters (169,000 square feet) of office space after relocating its headquarters Main of the GPO on O Connell Street.
Other large-scale office-led developments in the area include Dublin Landings, the million-square-foot scheme introduced by Sean Mulryan Ballymore and Partners Oxley; Spencer Place – Ronan Group Real Estate’s mixed-use development comprising 35,210 square meters (379,000 square feet) of first-class office accommodation (pre-leased to Salesforce) and 329 apartments; and TIO’s North Dock, which consists of 241 bedroom serviced apartments and two Grade A office buildings spanning 18,580 square meters (200,000 square feet).
Commenting on the sale of Brick Yards, John Swarbrigg, Director of Development at Savills Ireland said: “This is a major land bank in the northern docklands region with clear development potential for a mixed-use scheme. The property offers the buyer an opportunity to develop an unrivaled scheme in the Marassi area and take advantage of an area undergoing major changes. We anticipate high interest in this site, given its location, size, and the potential behind this project.”
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