The former Apollo House site in Dublin has been acquired by Pat Crean & Partners for €50m. The sale was handled by Savills on the instruction of Simon Coyle and Tom O’Brien of Mazars. Situated on Tara Street, in the heart of Dublin city centre, the 0.72-acre site comes with full planning permission for a 10-storey over basement predominately office building extending to approx.12,622m². The grant of planning permission allows for ground floor retail, café, bar and restaurant units. Demolition of the former Apollo House has already taken place.
Designed by award-winning architects Henry J. Lyons and MOLA, the new building will feature a double basement providing 40 car parking spaces and 166 bicycle spaces, with associated shower and toilet facilities. A wrap-around terrace on the eight-floor will give panoramic views of the Dublin Docklands, with additional outdoor space on most of the upper levels.
Tara Street is a highly accessible location in Dublin city centre that is well served by public transport, including bus, DART and Luas routes. The city’s main shopping thoroughfare, Grafton Street, is only a short walk away, with Government Buildings, and the amenities of Trinity College Dublin, Merrion Square and St. Stephen’s Green equally close by.
In the last two years, office-based employment in Dublin has risen by 8%, with an additional 18,800 office-based jobs created in that time. As a result, the office denominated sectors of financial services, professional & technical services, information & communications technology and public and private administration now account for almost 37% of all jobs in the capital.
Mark Reynolds, Director of Development and Consultancy at Savills Ireland comments: “Given the fact this is one of the few sites with development potential remaining in Dublin’s CBD, it was no surprise that demand from a variety of buyers was strong, which ultimately led to a very expedient sales process. There is still strong demand in Dublin for quality office stock in good locations, and The Apollo Dublin certainly meets this criteria.”
