The former DIT Kevin Street campus – one of the best city centre redevelopment sites to come on the market for years – is quoting more than €80 million through agent Knight Frank.
Under the terms of the sale, the successor to DIT – Technological University Dublin – will remain in occupation of the site until around October 2020, when it will relocate to the massive Grangegorman campus taking shape in Dublin 7.
The site, about 300 metres from St Stephen’s Green, extends to 3.57 acres and is zoned “Objective Z5 – City Centre” under the Dublin City Development Plan 2016-22.
This means, subject to planning permission, that it could be redeveloped for offices, residential, hotel, student accommodation and retail.
Given the wind behind the office and build-to-rent sectors, a sale will probably be a good barometer of the strength of these two markets. However, a mixed-use development – albeit heavily weighted towards offices or the private rental sector – could be the most likely future use for the site.
The recent introduction of new urban development and building heights guidelines may allow for a larger and higher scheme than the unlisted six-storey 22,000sq m (236,806sq ft) collection of buildings on site.
Feasibility study
Agent Evan Lonergan says architects O'Mahony Pike have completed a feasibility study identifying two potential mixed-use schemes on the site for 51,000sq m (548,959sq ft) and 53,000sq m (570,757sq ft) of space.
To put this in context, the redevelopment of the ESB’s headquarters on Fitzwilliam Street in Dublin 2 will extend to 45,770sq m (492,663sq ft) and the Bolands Quay scheme in the south docklands will have 28,000sq m (301,389sq ft).
"There is a significant dearth and unprecedented demand for city centre sites of this scale," says Mr Lonergan. "This site represents one of the finest mixed-use redevelopment opportunities to come to the Dublin market in recent times. The only other site of a similar scale would be around the former Apollo House on Tara Street which comes to about 2½ acres."
The site has more than 110 metres of frontage to Kevin Street Lower and is also bounded by Camden Row, St Kevin's Park, Liberty Lane and New Bride Street. There are vehicular access points to Kevin Street Lower, Camden Row, Liberty Lane and Church Lane South.
Walking distance
This location is convenient to the Luas and multiple bus routes, and is within walking distance of the city centre. Occupiers in the immediate area include KPMG, OPW and the Royal College of Surgeons.
Technological University Dublin’s campus in Grangegorman is already up and running, with about 1,600 students already on site. When complete within the next decade, it have more than 20,000 students and 2,500 staff on the 73-acre site.
