Planning permission for approx. 347 residential units and a pending planning application for a predominately office scheme of approx. 30,890 sq m (332,497 sq ft) NIA
Dublin, Ireland; Wednesday 9th April 2018. A 5.90 acre site in the heart of Dublin’s docklands has been placed on the market for sale with a guide price of €110,000,000 on the instruction of David Carson, statutory receiver. Cushman & Wakefield and Savills are joint selling agents.
CB3 Docklands is a rare opportunity to acquire one of the final remaining prime development sites in Dublin’s Docklands and within the Strategic Development Zone (SDZ). This exceptional development opportunity, known as City Block 3 is offered for sale in three lots, with a guide price of €45,000,000 for the residential site and €65,000,000 for the commercial site.
▪ Lot 1 - 1.44 hectares (3.55 acres) with full planning permission for approx. 347 residential units
▪ Lot 2 - 0.95 hectares (2.35 acres) with a pending planning application for a predominately office scheme of approx. 30,890 sq m (332,497 sq ft) NIA
▪ Lot 3 - The Entire – 2.39 hectares (5.90 acres)
The site has extensive frontage to Mayor Street Upper, Castleforbes Road, New Wapping Street and Sheriff Street Upper. CB3 Docklands is primed for development on the back of progress on adjacent blocks, such as NAMA / Ballymore / Oxley’s Dublin Landings on Block 8, Ronan Group’s Spencer Place on Blocks 2 and 7, Blackrock’s Point Campus on Block 5, TIO North Dock / NAMA on Block 10 and The Exo Building on Block 10 (NAMA appointed Receivers Stephen Tennant / Paul McCann of Grant Thornton).
The residential planning permission, designed by O’Mahony Pike, for 347 units comprising 340 apartments (103 no. 1 beds, 191 no. 2 beds and 46 no. 3 beds), and 7 no. 3 bed two storey houses. This planning permission was secured in advance of the new apartment design standards which were published in March 2018. More recent feasibilities studies suggest that these revised standards could push the residential densities between 400 to 450 units, depending on mix and layouts.
The commercial site, designed by Reddy Architecture + Urbanism, has a pending planning application for a substantial office scheme over three blocks with some retail space provided at ground level. The finished scheme will offer approx. 30,890 sq m (332,497 sq ft) NIA of cutting edge office space, which crucially complies with NZEB (Nearly Zero Energy Building) standards.
Potential buyers of CB3 Docklands will be encouraged by the performance of the market, which witnessed a threshold year in 2017 when five lettings were secured on space exceeding 100,000 sq ft.
Recent new letting activity in adjoining new blocks includes the pre-let to the NTMA of over 140,000 sq ft at Dublin Landings at a headline rent in region of €50 per sq ft on 25-year leases. There are a number of other significant office requirements active in the market at present. The finished residentialproduct will also be well positioned to benefit from the huge weight of equity seeking PRS (private rented sector) stock at aggressive yields.
Joint agents Cushman and Wakefield and Savills Ireland comment:
“CB3 Docklands represents a unique urban regeneration opportunity of scale located in the heart of Dublin, at a time of strong underlying office and residential demand. The site is one of the most prominent large-scale development sites within the City Centre, in a highly sought-after location to both live and work. This significant land bank offers the opportunity to deliver a new urban campus for the North Docklands, all within walking distance of major retail, cultural and leisure centres, while also adjoining the IFSC, regarded as one of Dublin’s premier business addresses.
Securing a site with such scale and in such a central location is a real rarity in the Dublin land market and this sale offers an opportunity to acquire either the residential or commercial site solely or the combined holding.”
Full details can be obtained from contacting the Joint Agents and by visiting;
-Ends- For further information please contact:
Andrew Smyth Jill O’Neill
Head of Communications, Head of Communications,
Savills Ireland Cushman and Wakefield
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