The last remaining waterfront development site in Dublin’s north docklands has been placed on the market for sale with a guide price of €120 million.
Project Waterfront, comprising two adjacent sites extending to 4.6 acres, is in the docklands strategic development zone (SDZ) and near to the 3Arena.
Prospective purchasers have the option to buy the site, currently held by the National Asset Management Agency (Nama), in parts or as a whole. All of it has planning permission for mixed-use development.
The residential aspect of the site has permission for a scheme with buildings ranging in height from six to 11 storeys, accommodating 420 apartments. Additionally, a creche, café and retail units are provided for in the planning.
The commercial site has permission for four office buildings ranging in height from six to eight storeys and a net office area of around 27,891sq m (300,216sq ft).
The commercial scheme was granted a 10-year planning permission in December 2017, while the residential development has a five-year permission granted at the same time.
Transformation
The site borders new developments in a region of Dublin that has undergone a significant transformation in recent years. To the west of the site, the Dublin Landings development with more than one million square feet of offices, apartments and shops is being built by Irish developer, Ballymore.
Project Waterfront provides one of the last opportunities to acquire a waterfront site in the docklands
To the north of the site, the Point Village student accommodation is being built to house about 970 students. It is due for completion in September.
The docklands SDZ was so designated in 2013 and approved by An Bord Pleanála in 2014 to provide for 2,600 residential units and up to 360,000sq m of office space.
A statement from joint agents Savills and Cushman & Wakefield noted a recent analysis of the Dublin office market suggesting that demand has reached a post-recession high of 4.1 million sq ft, 89 per cent of which is focused in the core business district area.
“Project Waterfront provides one of the last opportunities to acquire a waterfront site in the docklands with planning permission for substantial residential and commercial schemes of development,” the agents said.
“These prime development sites will become an integral part of the urban rejuvenation underway in Dublin’s north docklands, and present a unique opportunity to secure scale in one of the city’s most in-demand locations.”
An analysis last year of sites being developed or those at the planning stage in the docklands area found that the volume of office space far outweighs the anticipated construction of residential homes.
Estate agent Owen Reilly in December showed that office space for around 28,000 workers was in the planning or build phase while homes for a maximum of 6,500 people are expected to be delivered. As a result, for every one person living in the area, four people are commuting in on a daily basis.
