It was announced today that U+I has secured planning permission for the redevelopment of two sites in Dublin, Donnybrook House in Dublin 4 and ‘The Avenue, Sandyford’ (formerly known as the Avid Building) in South County Dublin.
The two developments combined will deliver up to 147 new homes, over 60,000 sq. ft. of new commercial space, as well as retail and restaurant space.
Construction at Donnybrook House will begin in October 2016 with an end value of €45 million whilst work will begin on The Avenue site in the second quarter of 2017 with an end value of €55 million.
Donnybrook House is a prominently located 1970’s office building in Dublin 4 that has been empty for a number of years. U+I has secured planning permission for a complete refurbishment of the building and conversion of the ground floor offices that will see the building comprehensively remodelled and brought back to life. The redevelopment will provide 45,000 sq. ft. of offices, 2,000 sq. ft. of retail, 4,000 sq. ft. of restaurants and a basement gym of 20,000 sq. ft.
‘The Avenue, Sandyford’ (formerly known as the Avid Building) was purchased by U+I in 2015, occupying a 2 acre site and comprising 42,000 sq. ft. of office and warehouse space. Planning permission has been secured to re-develop the existing site into a new mixed-use community, providing 147 new apartments and c. 10,000 sq. ft. of commercial space.
CEO of U+I, Matthew Weiner said, "We have been active in Dublin for nearly three years, and we believe it offers significant opportunities to deliver value through our mixed-use regeneration activities."
He added, "Whilst the EU referendum has created uncertainties for the real estate industry, Dublin remains one of our three core markets as an international capital that has the liquidity, talent and depth to sustain development and investment opportunities over the long-term."
Source: www.businessworld.ie
