Colony Capital Acquisitions have bought a 4.6 acre site in the heart of Dublin's Docklands for over €180m, according to Savills and Cushman & Wakefield.

The estate agents handled the sale on behalf of receiver, David Carson.

The sale - known as "Project Waterfront" - marked a rare opportunity to buy the last remaining waterfront development site in Dublin's North Docklands. 

The site is situated within the Strategic Development Zone and has planning permission for the development of four office buildings, ranging in height from six storeys to eight storeys.

Planning also allows for a residential development comprising two residential buildings ranging in height from six storeys to 11 storeys, which will provide 420 apartments comprising one, two and three bedroom units. 

Savills said that after the publication of the revised apartment guidelines in 2018, there is potential to significantly increase the density and mix of the apartment units to between 494 and 526 units. 

It also said the heightened development activity has enhanced the popularity of this area which is now considered a premium business address. 

"A recent analysis on the Dublin office market suggests that demand for office space has reached a post-recession high of 4.1 million square feet (up from 3.5m sq. ft. pre-Brexit vote)," the estate agents added.