US investment group Colony Capital and Irish property developer Johnny Ronan have acquired a 4.6 acre (1.86 ha) site in Dublin’s north docklands for around €180 mln.
The deal for the site known as Project Waterfront was confirmed by brokers Savills and Cushman & Wakefield, who handled the sale on behalf of statutory receiver, David Carson.
The last remaining waterfront site in the docklands, it has permission for the development of four office buildings ranging in height from six to eight storeys and a total net office area of approx. 27,891 m2.
In addition, planning also allows for a residential development accommodating 420 apartments, which could be amplified to around 500 units according to the recently revised guidelines.
Reports in the local media suggest that underbidders for the site included Hibernia REIT, Kennedy Wilson, Glenveagh and Marlet.
A recent analysis from Savills suggests that Dublin Docklands have undergone a dramatic transformation in recent years, with the ongoing development of Dublin Landings to the west of the site, and the Exo and North Docks office buildings to the east.
The project is also flanked by the new Point Square Shopping Centre and the Point Campus student accommodation building.
