North Docklands - last piece of the jigsaw

subpar

Northbank sold well above its guide price. - todays papers


One of the last remaining large-scale Dublin city centre apartment developments offered for sale in a single lot by the National Asset Management Agency (Nama), has been acquired by Kennedy Wilson for €45 million.

The selling agents Hooke & MacDonald were quoting a guide price of €37.5 million for the 124 apartments at the North Bank. The development was built before the property crash by Liam Carroll’s Zoe Developments.

Northbank is located just 50 metres away from Kennedy Wilson’s existing 84-unit Liffey Trust apartments and 200 metres from the new Central Bank.

The 124 apartments in North Bank comprise 31 one-bedroom units, 64 two-bedroom homes and 29 three-bedroom apartments. There are also 85 car-parking spaces and a vacant ground floor commercial building extending to 1,530sq m (16,468sq ft), which Hooke & MacDonald estimated would eventually bring in a rent of around €150,000 per annum.

The apartments were substantially upgraded by David Carson, receiver of Jarmar Properties Limited, prior to the sale.

“We are particularly pleased to secure Northbank as one of the few remaining unbroken 100+ unit multifamily assets left to trade in Dublin. The North Docks is a rapidly expanding sub market where we want to grow our footprint,” said Mary Ricks, chief executive of Kennedy Wilson Europe.

Fred_Johnson

Whats the latest with the North Docklands. We have TedCastles and Spencer Dock now under construction, along with Dublin Landings. Anything else going on? When is Exo starting? I know 360 apartments got planning permission just north of Dublin Landings, wonder when they start construction.

subpar

Further interesting Development on the Way

Fromm todays Irish Independent:

Several big names drawn from the ranks of Ireland's 'old school' and 'new wave' of property developers are in the running to partner with CIE on the delivery of two major office-led schemes at Connolly Station and Grand Canal Quay in Dublin.

The selection of development partners for both projects will be down for decision at the end of February when the board of CIE convenes for its regular monthly meeting. Directors at the State transport company will be asked to consider tender proposals from upwards of a dozen parties for both Connolly Quarter in the IFSC and Boston Sidings in the city's rapidly-emerging south docks.

In the case of the Connolly Quarter, US-headquartered real estate giant Hines' Irish subsidiary, Hines Ireland, has submitted what several property industry sources described as a "very strong proposal", and is being viewed as a serious contender in the competition for the delivery of CIE's plans for the 3.2 hectare (7.9 acre) site it has next to Connolly Station.

Upon completion, the scheme for which CIE received a 10-year planning permission in 2012, is expected to include almost 82,000 sq m (883,000 sq ft) of mixed-use space, comprising 50,000 sq m (540,000 sq ft) of offices, a hotel, and apartments

The single largest office space element of the scheme is an up to seven-storey, 13,450 sq m (145,000 sq ft) block at the junction of Seville Place and the construction of a new street which will link Seville Place and Sheriff Street Lower.

technocrat

subpar wrote: »

Further interesting Development on the Way

Fromm todays Irish Independent:

Several big names drawn from the ranks of Ireland's 'old school' and 'new wave' of property developers are in the running to partner with CIE on the delivery of two major office-led schemes at Connolly Station and Grand Canal Quay in Dublin.

The selection of development partners for both projects will be down for decision at the end of February when the board of CIE convenes for its regular monthly meeting. Directors at the State transport company will be asked to consider tender proposals from upwards of a dozen parties for both Connolly Quarter in the IFSC and Boston Sidings in the city's rapidly-emerging south docks.

In the case of the Connolly Quarter, US-headquartered real estate giant Hines' Irish subsidiary, Hines Ireland, has submitted what several property industry sources described as a "very strong proposal", and is being viewed as a serious contender in the competition for the delivery of CIE's plans for the 3.2 hectare (7.9 acre) site it has next to Connolly Station.

Upon completion, the scheme for which CIE received a 10-year planning permission in 2012, is expected to include almost 82,000 sq m (883,000 sq ft) of mixed-use space, comprising 50,000 sq m (540,000 sq ft) of offices, a hotel, and apartments

The single largest office space element of the scheme is an up to seven-storey[, 13,450 sq m (145,000 sq ft) block at the junction of Seville Place and the construction of a new street which will link Seville Place and Sheriff Street Lower.

Surely they can go higher than this considering the housing and commercial property shortage.
Typical lack of ambition from CIE :rolleyes:

Ben D Bus

technocrat wrote: »

Surely they can go higher than this considering the housing and commercial property shortage.
Typical lack of ambition from CIE :rolleyes:

Yes, obviously it's CIEs fault as every private developer in the country is amazing us daily with their newly finished skyscrapers :rolleyes:

Just as a reminder, CIE is also a partner in the proposed actual high rise development at Tara St.

Not defending anyone, just ticked off at the automatic "it's CIE so anyone else would have done better" attitude.

Peregrine

technocrat wrote: »

Surely they can go higher than this considering the housing and commercial property shortage.
Typical lack of ambition from CIE :rolleyes:

Typical height restrictions by DCC, you mean?

CIE's Tara Street site was one of 4-5 sites in Dublin where tall buildings are said to be allowed. Despite being within the limit set by DCC in its own LAP, they rejected it on the grounds of height.

subpar

What the finished Docklands will look like.

https://youtu.be/yn9y9cg0o-k

What's the latest on the removal of the point roundabout? There was public consultation done over two years ago. The Exo building construction has begun but we're still stuck with an inadequate roundabout at an incredibly busy junction.

Fighting Tao

cisk wrote: »

What's the latest on the removal of the point roundabout? There was public consultation done over two years ago. The Exo building construction has begun but we're still stuck with an inadequate roundabout at an incredibly busy junction.

Haven’t heard anything in a few months. It’s meant to be changing into a t-junction with traffic lights.

Personally I’d love to see a dancing policeman directing traffic on it.

subpar

From todays Irish Independent

Bidders Fight it Out for Prime North Docklands Site


One of the last remaining prime development sites in the Dublin Docklands and its strategic development zone (SDZ) is going on the market today for a guide price of €110m.

Extending over 5.91 acres to the rear of the Central Bank's new headquarters at North Wall Quay, CB3 (City Block 3) Docklands is being offered for sale in three lots by joint agents Cushman & Wakefield and Savills on the instruction of David Carson of Nama-appointed receivers Deloitte.

Lot 1 is guiding a price of €45m and comes with full planning permission for the development of 347 residential units on 1.44 hectares (3.55 acres). At €65m, Lot 2 has a pending planning application for an office-led mixed use scheme of 30,890 sq m (332,497 sq ft) distributed across a 0.95 hectare (2.35 acre) site. Lot 3, meanwhile, incorporates the entire CB3 portfolio.

The competition is expected to be intense, owing to its pivotal location on Mayor Street Upper and Castleforbes Road, and at the heart of the Dublin Docklands SDZ.

Prospective purchasers will be encouraged by the performance of the Dublin office market in 2017, with five lettings of over 100,000 sq ft secured. In one of those transactions, the NTMA agreed to rent over 140,000 sq ft of office space at Dublin Landings, the one million square foot mixed-use scheme being built by developer Sean Mulryan's Ballymore beside the Central Bank's new headquarters, and within a short walk of the CB3 site.

Other major projects under way within the immediate area include developer Johnny Ronan's scheme at Spencer Place, Blackrock's Point Campus, Glenveagh's North Block, and the Exo Building at the Point Village.

In terms of its residential offering, CB3 has full planning permission for 347 units comprising 340 apartments (103 one-beds, 191 two-beds and 46 three-beds), and seven three-bed two-storey houses. Planning permission was secured in advance of the new apartment design standards published recently by Housing Minister Eoghan Murphy. According to the selling agents, more recent feasibility studies suggest that these revised standards could see the residential density on the CB3 site increased to between 400 and 450 units.

The CB3 commercial site, designed by Reddy Architecture + Urbanism, has a pending planning application for a substantial office scheme laid out over three blocks with some retail space provided at ground level.


This development will complete the gaps in the grid comprising Castleforbes Road / Mayor St / Upper Sheriff St and will provide the footfall for new retail outlets.

cgcsb

I heard the government has forced DCC to lift height restrictions in Dublin, hopefully not to late. I would hope that at least one site in the docks will be allowed go high rise considering the amount of land DCC has wasted on suburban office park stuff.

Assetbacked

Good to see that a significant number of residential developments can be built. However, I'll believe it when I see it. Living in the area myself there is nothing but offices planned. Our apartment block was bought by Kennedy Wilson at the end of last year (from NAMA) and they are sitting on the majority of apartments being unoccupied. I presume they are holding on in order to increase demand on the rental market by stifling supply but perhaps they have big renovation plans in order to sell/let the block for a significant price.

roycon111

Assetbacked wrote: »

Good to see that a significant number of residential developments can be built. However, I'll believe it when I see it. Living in the area myself there is nothing but offices planned. Our apartment block was bought by Kennedy Wilson at the end of last year (from NAMA) and they are sitting on the majority of apartments being unoccupied. I presume they are holding on in order to increase demand on the rental market by stifling supply but perhaps they have big renovation plans in order to sell/let the block for a significant price.

They need to have correct planning and fire compliance to let them out. It wouldn't make any sense to leave apartments empty unless you were trying to make less money.

subpar

Glenveagh Purchases Castleforbes Business Park for 60m and plans to Build Apartments . From todays Irish Independent


The four recently acquired sites include a six-acre site at Castleforbes in Dublin's North Docklands which cost about €60m.

It has the potential to deliver more than 650 units, subject to planning permission.

It is adjacent to the East Road site which the group acquired last January and provides Glenveagh's Living division with potential to deliver about 1,100 apartments.


This new site adjoins their recently acquired site --- The Hire Co Yard on East Road and gives them a huge plot of development land which will gentrify the area.

subpar

Revenue Commissioners and SalesForce to move into North Doclands


tech giant Salesforce is in exclusive talks to lease offices in Dublin's Docklands with space for as many as 5,000 staff.

The global firm has entered into exclusive talks with developer Johnny Ronan to rent all 500,000 sq ft (46,184 sq m) of the office space Ronan Group Real Estate (RGRE) is developing at Spencer Dock, the Irish Independent can reveal.

It is understood the US-headquartered company considered a number of potential locations in the Dublin Docklands, including Ballymore's Dublin Landings scheme and the Exo Building at the Point Village before deciding on Spencer Place.

While the 965 employees at Salesforce's EMEA headquarters are currently divided between offices at the Atrium Building and One Central Park in the Sandyford Business District (SBD) in south Dublin, the company's future move to the Docklands will give it significant scope to expand its Irish workforce.

The offices at Spencer Place will have the capacity to accommodate between 4,000 and 5,000 personnel.

Salesforce's new EMEA headquarters are set to be developed as part of a wider mixed-use scheme which will extend to 717,000 sq ft (66,599 sq m).

Apart from providing Salesforce with 500,000 sq ft of LEED platinum-rated offices, Spencer Place will include three storeys of internal landscaped garden and breakout areas, 1,000 bike spaces, a 10,000 sq ft gym, two hotels and premium retail space, bars and restaurants.

RGRE's delivery of Spencer Place represents the culmination of the original Spencer Dock masterplan which saw the development of around two million square feet of commercial and residential space including the Convention Centre Dublin, the Dublin headquarters of PwC, Credit Suisse International's offices at Kilmore House and 620 apartments at Spencer Dock.

While Spencer Place is vast in terms of its physical scale, it accounts for just over half of the six acres RGRE currently controls at Spencer Dock.

News of Mr Ronan's negotiations with Salesforce represents just the latest in a series of major moves in the Docklands.

Earlier this week, the Irish Independent reported that the OPW is in discussions with Ballymore in relation to the potential relocation of several hundred personnel from the Revenue Commissioners to the developer's hugely-successful Dublin Landings scheme.

The Revenue's interest in taking space at Dublin Landings followed on from a report on the expected sale of No 2 Dublin Landings to a South Korean institutional investor for around €105m - or some €6m above the €98.8m guide price it carried when it was brought to the market last May. The Asian fund is understood to have fended off rival bids from at least four other parties: one Korean and three European. Located next to Spencer Place and the new headquarters of the Central Bank of Ireland at North Wall Quay, the overall Dublin Landings development will extend to 1,001,043 sq ft (93,000 sq m).

All told, the scheme will comprise five blocks, 298 apartments, restaurants, bars, retail, and landscaped gardens.

Around 6,000 people are expected to work and live at Dublin Landings once it is finished.

In another significant development for the Dublin Docklands, US-headquartered real estate firm Kennedy Wilson is, as the Irish Independent revealed last Saturday, set to acquire City Block 3 (CB3), a 5.91 acre site to the rear of the Central Bank's new headquarters at North Wall Quay. Located to the rear of the Central Bank and Dublin Landings, the site is recognised as one of the last remaining prime development sites in the Docklands and its strategic development zone (SDZ).

CB3 comes with full planning permission for 347 residential units on 1.44 hectares (3.55 acres), and a pending planning application for an office-led mixed-use scheme of 30,890 sq m (332,497 sq ft) distributed across a 0.95 hectare (2.35 acre) site.

L1011

CB3 has a manmade lake from previous excavations for foundations on it. Sightly more awkward site than most

subpar

Last waterfront site on North Docklands goes on sale for 120mEuro. The site bounded by Castleforebes Road / North Wall Quay / North Wall Ave and Mayor St - formally Maritime House , Chetham Warehouse and Hales Freight Building


https://www.youtube.com/watch?v=3DZWJ4qJ_e0

hmmm

subpar wrote: »

Last waterfront site on North Docklands goes on sale for 120mEuro. The site bounded by Castleforebes Road / North Wall Quay / North Wall Ave and Mayor St - formally Maritime House , Chetham Warehouse and Hales Freight Building

It's tragic to think we had this massive landbank close to the city centre, and most of it has gone to building 4 and 5 story commercial buildings. We could have built an apartment for everyone who wanted one if we'd only managed to overcome the objections to building upwards.

subpar

hmmm wrote: »

It's tragic to think we had this massive landbank close to the city centre, and most of it has gone to building 4 and 5 story commercial buildings. We could have built an apartment for everyone who wanted one if we'd only managed to overcome the objections to building upwards.

We are dealing with Dublin's Central Business District it was never going to be set aside exclusively for housing. There is a significant number of new apartments included in the plans for this site none the less.

Spanish Eyes

Some bankrupt developers in Nama are like Lazarus. Some Docklands owners sunk now forever.

Strange world.

Anyway, I was looking up and down from outside the Ferryman pub the other day at the Northside developments, and my god it is just so squat and generic. There was so much potential to go high rise in that area. Lost for now. Same for the South Docklands.

DCC and ABP had free rein in that area. What or whom would it have harmed to go high there?

subpar

Spanish Eyes wrote: »

Some bankrupt developers in Nama are like Lazarus. Some Docklands owners sunk now forever.

Strange world.

Anyway, I was looking up and down from outside the Ferryman pub the other day at the Northside developments, and my god it is just so squat and generic. There was so much potential to go high rise in that area. Lost for now. Same for the South Docklands.

DCC and ABP had free rein in that area. What or whom would it have harmed to go high there?

Cost and reluctance of the banks to fund the build

Strangely , the tallest building on the river is Capital Dock which in many peoples opinion is just a bland dull block. By far the stand out building in the Docklands is the Convention Centre on the north side.

wakka12

hmmm wrote: »

It's tragic to think we had this massive landbank close to the city centre, and most of it has gone to building 4 and 5 story commercial buildings. We could have built an apartment for everyone who wanted one if we'd only managed to overcome the objections to building upwards.

Why does everyone say this? Nearly every building in the docklands is 7-8 stories, it shuold have been about 12 story average imo, but saying everything is the docks is 4 stories just sounds stupid, scarcely a single new building int he dockslands is under 6 stories

subpar

Mayson Hotel ( under construction at corner of Castleforbes Road and north Wall Quay) to double number of bedrooms.


Paddy McKillen Jr and Matt Ryan's Press Up Entertainment has received the green light from Dublin City Council to add two further floors to the hotel it has under development on North Wall Quay in the Dublin Docklands.

Due for completion towards the end of 2019, The Mayson Hotel will be seven storeys and comprise 100 bedrooms.

McKillen and Ryan had intended originally to deliver a five-storey, 58-bedroom hotel on the site which is next to both 'Dublin Landings', the 1,000,000sq ft mixed-use development currently under construction by developer Sean Mulryan's Ballymore Properties and the Central Bank's new headquarters.

The Mayson will also include a rooftop bar and restaurant, ground floor bar and restaurant, coffee shop and terrace area.

subpar

God news for existing apartment owners in the North Docklands area - property prices set to increase as all of Dublin Landing Apartments will be released for rental only.


From todays Independent:

Buyer sought for Dublin Landings apartments

The rapid growth of Ireland's private rented sector (PRS) market moves up a gear today with the launch to the market of 268 apartments at Dublin Landings, the million square foot mixed-use development being delivered by Sean Mulryan's Ballymore in partnership with Oxley in the Dublin Docklands.

While the selling agent, Savills Ireland, has not set a guide price for the portfolio, its location at the centre of the capital's financial services and technology sectors suggests it will command a premium.

In terms of its potential pricing, one useful benchmark was provided earlier this year with Cairn Homes's sale of 120 apartments at nearby Six Hanover Quay for €101m to a special purpose vehicle managed by Carysfort Capital. The sale price represented an average gross price of €800,000 for each of the apartments.

The 268 units at Ballymore's 'Dublin Landings Residential' will comprise 82 one-bed, 146 two-bed, and 31 three-bed apartments, in addition to nine three-bed duplexes.

The scheme, the first phase of which is due to be completed in September 2019, will include numerous on-site resident amenities including a concierge service, landscaped gardens, a private gym, business lounges and 210 basement parking spaces.

Ballymore's managing director, John Mulryan, said the scheme has been designed to introduce what he described as "a new standard of rental product in Dublin".

Amirani

subpar wrote: »

God news for existing apartment owners in the North Docklands area - property prices set to increase as all of Dublin Landing Apartments will be released for rental only.

Why would increasing the supply of rental accommodation in an area increase the price of existing apartments?

subpar

Amirani wrote: »

Why would increasing the supply of rental accommodation in an area increase the price of existing apartments?

It is a very desirable place to live , most it not all of the apartments under construction or planned are being built for rent only and sale to property management companies and investment funds and a lot of people want to own the property they live in and if the number of apartments available for individual sale to either owner occupiers or investors is limited then the price of those properties is reinforced or increased due to demand.

beauf

In other words decreases the supply of property to buy.

Amirani

beauf wrote: »

In other words decreases the supply of property to buy.

The supply of property available to buy remains the same as before this development. The supply of property available to rent increases. There is no decrease in the supply of property.

lawred2

hmmm wrote: »

It's tragic to think we had this massive landbank close to the city centre, and most of it has gone to building 4 and 5 story commercial buildings. We could have built an apartment for everyone who wanted one if we'd only managed to overcome the objections to building upwards.

In the heart of Dublin's CBD?

L1011

lawred2 wrote: »

In the heart of Dublin's CBD?

If you want viability for retail/service/entertainment businesses you need people living there also. It's never going to be the nightlife destination so it effectively would die at 5:30 otherwise.