Glenveagh Properties PLC has signed an unconditional legal contract to acquire 1-3 East Road residential development site in Dublin for over €40m.
The sale, which was targeted at residential & PRS (private rented sector) developers and funds, provides a rare opportunity for apartment development in the heart of Dublin’s Docklands. According to a feasibility study prepared by O’Mahony Pike, the site has the potential to accommodate a scheme of 450 apartments.
1-3 East Road property comprises a prominent site of approximately 2.10 ha (5.20ac). The terminus stop of the Luas Red Line service is within walking distance, delivering access to Connolly Rail Station and City Centre within 6 minutes, as is the Docklands Rail Station. The site is located close to The Point Village District Centre, a significant retail development comprising the Point Village Retail Centre, O2 Entertainment Complex and the Gibson Hotel.
According to a recent report from Savills Ireland, Ireland’s private rented sector continues to expand, with 18.9% of the population (895,600) living in rented accommodation. As a result, the vacancy rate in the sector remains razor thin – standing at just 1.31% across the country.
Mark Reynolds, Director, Development & Consultancy at Savills Ireland commented:“Securing a site with such scale and in such a central location is a real rarity in the Dublin land market. The buyer will be able to capitalise on an area undergoing significant change in the north docklands and also to tap into the pent-up local demand for residential accommodation both to rent and purchase.”
