One of the last remaining development sites in Dublin’s Docklands and within the Strategic Development Zone (SDZ) has been put up for sale with a guide price of €110m.
The 5.91-acre site has planning permission for 347 residential units, with a planning application for over 330,000 sq ft of office space pending.
The site, called City Block 3 Docklands, has been placed on the market under the instruction of statutory receiver David Carson, with Savills and Cushman & Wakefield acting as the joint selling agents.
The residential site has a guide price of €45m, with the guide price for the commercial site at €65m.
The site has extensive frontage to Mayor Street Upper, Castleforbes Road, New Wapping Street, and Sheriff Street Upper.
The Docklands has undergone significant development in recent years, with a number of sites – including some that were in NAMA – seeing significant progress.
The residential planning permission for 347 units comprises 340 apartments and seven three-bed two-storey houses.
However, the sellers say this planning was secured "in advance of the new apartment design standards" and "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 has a pending planning application for a substantial office scheme over three blocks with some retail space provided at ground level.
Recent letting activity in adjoining new blocks has secured rental income in the region of €50 per sq ft on 25-year leases.