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€116m of Dublin development opportunities on the block

More than €100m (£86m) of Dublin development opportunities have been brought to market.

Savills Ireland has been instructed to sell the city headquarters of the Office of Public Works and the 8-acre Brick Yards site in the North Docklands.

The Brick Yards site on East Wall Road has potential for a residential-led mixed-use scheme (pictured above), with a feasibility study by MCA Architects outlining the prospect of building 1,051 flats and 223,674 sq ft of commercial space. Brick Yards is currently occupied by a number of low-rise industrial buildings, providing short-term income while consent for redevelopment is secured.

John Swarbrigg, director of development at Savills Ireland, said: “This is a significant land bank in the North Docklands with clear development potential for a mixed-use scheme. The property provides a purchaser with an opportunity to develop a scheme of unrivalled scale in the Docklands area and to capitalise on an area undergoing significant change. We expect significant interest in this site, due to its location, scale and the potential behind this project.”

Owner Bennett Group had tried to offload the site in 2006 with a €150m price tag and tested market appetite earlier this year at its current €80m price.

84-93 Lower Mount Street, Dublin

Elsewhere in the city, Henderson Park Capital has instructed the agent to sell the HQ of the Office of Public Works for €36m – a 4.6% yield. The 49,569 sq ft property at 84-93 Lower Mount Street is 100% let to the government department with almost seven years to break and 10 years to expiry.

The building has been occupied by the Office of Public Works since February 1981 on a long-term lease, which has recently been extended for a further 10-year period to June 2031 subject to a tenant break option in June 2028. The passing rent equates to a relatively modest level of €34.95 per sq ft.

The property sits on a site of around 0.55 acres and offers long-term redevelopment potential. A feasibility study by Henry J Lyons for a full redevelopment proposes the existing building being replaced by an office block of up to seven storeys, providing more than 100,000 sq ft of floorspace.

To send feedback, e-mail samantha.mcclary@eg.co.uk or tweet @samanthamcclary or @EGPropertyNews

Photos © Savills

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