Dublin 8 Development Sites with FPP for BTR schemes
Scheme comprises of 124 apartments
Dublin, 13 February 2019 – CBRE and Hooke & MacDonald have been jointly instructed to offer two excellently positioned development sites on Cork St, Dublin 8, each with full planning for BTR schemes, to the open market by way of private treaty. The sites can be purchased either separately or in a single lot, with a guide price for the entire of €11.5m.
The sites are located on Cork Street, the heart of Dublin’s South City Centre, in close proximity to the Coombe Hospital and within 600m of St James’s Hospital, soon to be further expanded with the development of the National Children’s Hospital. Other key development sites within the area include the former Player’s site and the Guinness Brewery development site, both of which have been earmarked for extensive residential redevelopment, transforming the landscape of Dublin 8 to create a new, vibrant urban quarter. The sites are within walking distance of Dublin city centre, just 2.2 km away, and benefit from excellent connectivity, with the LUAS Red Line located approx. 650m away providing easy access to Dublin City Centre, Heuston Station, Connolly Station, IFSC, and Dublin Docklands.
43-50 Dolphin’s Barn extends to approx. 0.8 acres and has the benefit of full planning for the development of a 6/7 storey BTR scheme of 70 apartments with approx. 1,136sq m of retail at ground floor. There is potential for the addition of a further 6 apartments and a feasibility study has been prepared demonstrating the development potential for a Co-Living scheme of 220 units, subject to planning permission being obtained. 75-78 Cork Street, the smaller of the two sites extending to approx. 0.4 acres, has the benefit of full planning permission for the development of a 6/7 storey BTR scheme with 54 units along with an element of retail at ground floor. Both proposed schemes offer a mix of 1 & 2 bedroom apartments and are currently occupied by derelict commercial buildings. There have also been expressions of interest for the retail element of both schemes. Both proposed schemes were designed by Henry J Lyons Architects with John Spain acting as the planning consultants.
Both sites offer developers and investors the opportunity to acquire two ideally located development sites, both with the benefit of full planning for build-to-rent developments. The surrounding area is undergoing mass regeneration, with a number of key sites identified for future development. The prevailing build to rent market is proving very attractive for developers and investors alike, with substantial capital pursuing this type of product.
CBRE & Hooke & MacDonald are quoting a guide price of €11,500,000 for both sites, or €7m for the Dolphins Barn site & €4.5m for the Cork Street site.
The Dublin 8 area is currently undergoing a social, physical and economic regeneration. This site offers interested parties the opportunity to partake in the regeneration programme the surrounding area is currently undergoing. The potential to deliver a Build-to-Rent product, in what is a prime city fringe location, will appeal to developers and investors, particularly given the proximity to transport links and major employment hubs.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE U.C., (CBRE Ireland) registered in Ireland, no. 316570. PSRA Licence No. 001528 is the country’s largest commercial real estate services company with offices in Dublin and Cork. Currently employing over 150 employees, we work with occupiers, investors and developers of office, industrial and logistics, retail, hotel and healthcare property, providing strategic advice and execution for property sales and leasing; tenant representation, corporate services; property and project management; appraisal and valuation; development services; investment management and debt advisory; business rates and compulsory purchase and research and consulting. Please visit our website at www.cbre.ie