It was announced last week that on the instruction of Duff & Phelps, Property Developers Savills will be marketing a rare development land bank of over 5 acres in Dublin’s North Docklands with a guiding price of €27 million.
The sale is expected to attract the interest of residential & PRS (private rented sector) developers and funds.
The 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.
The property is currently occupied, however, vacant possession is available by August 2018. This provides the purchaser with an opportunity to benefit from short-term income whilst seeking planning permission for a scheme of development.
According to Savills, prospective buyers will be provided with an opportunity 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.
Source: www.businessworld.ie