Dublin Land­ings PRS is ‘on track’ for €200m plus

Irish Independent - Business Week - - APPOINTMENTS - Ron­ald Quin­lan

Up­wards of a dozen par­ties are un­der­stood to have ex­pressed an in­ter­est in the 268 lux­ury apart­ments be­ing of­fered for sale at ‘Dublin Land­ings Res­i­den­tial’, the ex­clu­sive pri­vate rented sec­tor (PRS) scheme that Bal­ly­more and its part­ners Ox­ley are de­liv­er­ing in the Dublin Dock­lands as part of the wider Dublin Land­ings de­vel­op­ment.

With first round bids due to be sub­mit­ted for the apart­ment port­fo­lio on De­cem­ber 12 next, mar­ket sources told the Ir­ish In­de­pen­dent they ex­pect to see of­fers ap­proach­ing, and pos­si­bly ex­ceed­ing, the €200m mark.

Asked to ex­plain the ra­tio­nale for that pric­ing, sources pointed to the bench­mark set by Cairn Homes’s sale ear­lier this year

Mar­ket test:

Dublin Land­ings Res­i­den­tial is ex­pected to set a price bench­mark for PRS

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.

Were those fig­ures to be repli­cated or sur­passed at Dublin Land­ings Res­i­den­tial, Bal­ly­more and Ox­ley could se­cure a sale price in the re­gion of €214m.

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.

All told, the ‘ Dublin Land­ings’ water­front re­gen­er­a­tion project is set to ex­tend to 100,000 sq m (1,076,391 sq ft) of of­fice, res­i­den­tial and re­tail/leisure ac­com­mo­da­tion.

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