Dev Secs acquires Dublin office project for €40.5m

UK firm Development Securities is joining forces with US private equity group Colony Capital as well as Irish property developers Paddy McKillen and Johnny Ronan to acquire a 1.7-acre development site in Dublin for €40.5 mln.

The site benefits from an existing planning consent for the development of a 166,000 sq ft (15,400 m2) grade A office building which would replace the existing five-storey, vacant office building that currently occupies the site.

Located on Burlington Road, within Dublin's prime commercial core, the office development will be marketed for pre-lets over the near term with initial site works expected to commence within the next six months.

The building is anticipated to complete in mid- to late 2016.

'Demand within Dublin's established occupier market is strengthening and with this acquisition, we see a good opportunity to deliver an office building of similar quality to 10 Hammersmith Grove, our prime office development in London,' commented Michael Marx, CEO of Development Securities.