Kennedy Wilson’s new Capital Dock residential scheme in Dublin’s south docklands is likely to set a new benchmark for apartment rents in the city, with two-bedroom units being advertised at €3,300 a month. And that doesn’t include a car parking space.
It will, however, have on-site concierge, a cinema, 24-hour security, a gym, resident lounges, business suites, a games room and a chef’s kitchen.
Capital Dock is Ireland's tallest residential building and residents will need to be earning a top-end salary to afford one of the units at the 22-storey structure to enjoy the convenience of having your Amazon deliveries handled by the concierge, or to enjoy a separate "elegant dining area for hosting your special dinner parties".
The rent alone will set you back almost €40,000 a year from net income.
Built by Kennedy Wilson as part of a joint venture with Nama and Toronto-headquartered Fairfax Financial Holdings, work on the site began in 2015. Kennedy Wilson has an 85 per cent stake in the development, and Nama 15 per cent.
Tech workers
Kennedy Wilson has now begun marketing the 190 apartments, which will be available to occupy from January. Two-bedroom units at the development will start at €3,300 a month, for a 12-month minimum lease, a level that is likely to set a new record not just for the area, but for the city as a whole.
Targeted at nearby Googlers and other tech workers, or Brexit émigrés looking for a city base as they commute between Dublin and London, short-term leases or fully serviced options are also available. Car parking spaces will be let to residents under a separate licence agreement.
At the nearby Marker development on Grand Canal Dock, property investment company Ires Reit has two-beds for €2,716 a month. While penthouse units in the area can garner more than €3,300 a month, Capital Dock's standard units will have penthouse prices.
And rents could rise higher at the residence.
As a new development, built since December 2016, landlord Kennedy Wilson won’t be subject to rent rules that limit price increases to 4 per cent a year.
The apartments are part of a broader campus that will have more than 690,000sq ft of new mixed-use space, including offices for US investment bank JP Morgan and recruitment group Indeed.
There will also be more than 1.5 acres of public park space, and a substantial retail and leisure element.
