Development Securities today announces that in joint venture with Colony Capital, LLC, and companies associated with Mr McKillen and Mr Ronan, it has exchanged contracts to acquire a 1.7-acre development site in Dublin for €40.5 million.
The site benefits from an existing planning consent for the development of a 166,000 ft² (15,422 m²) grade A office building which would replace the existing five storey, vacant office building that currently occupies the site. Located on Burlington Road, within Dublin's prime commercial core, the site is well connected with excellent access to transport links across the city.
The office development will be marketed for pre-lets over the near-term with initial site works expected to commence within the next 6 months and the building anticipated to complete in mid to late 2016.
Michael Marx, Chief Executive, Development Securities said: "The acquisition at Burlington Road presents a rare opportunity to acquire a 'shovel ready' development site in Dublin, a market in which the supply of new, high quality office space is limited, and where only one major speculative development scheme is currently under construction. Demand within Dublin's established occupier market is strengthening and with this acquisition, we see a good opportunity to deliver an office building, of similar quality to 10 Hammersmith Grove, our prime office development in London. We have an established track record in office development and this expertise is further strengthened through investing in the partnership with Mr McKillen and Mr Ronan, two of Ireland's most experienced commercial developers. The support of Colony Capital, one of the US' premier real estate investment firms, underlines the strength of both the team and the project. This is our second acquisition in Dublin, a market where we see continued investment and development opportunities."
Source: Development Securities