Irish housebuilder Glenveagh Properties has purchased a prime city centre land plot in Dublin's North Docklands for more than €40 mln. The deal was completed by Savills, who acted on behalf of Duff & Phelps.
The 1-3 East Road plot, which was targeted at residential & PRS (private rented sector) developers and funds, permits the development of up to 450 apartments, according to a feasibility study prepared by O’Mahony Pike.
'Securing a site with such scale and in such a central location is a real rarity in the Dublin land market,' commented Mark Reynolds, director, development & consultancy at Savills Ireland. 'The buyer will be able 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.'
According to a recent report from Savills Ireland, Ireland’s private rented sector continues to expand, with 18.9% of the population (895,600) living in rented accommodation. As a result, the vacancy rate in the sector remains at just 1.31%.
1-3 East Road comprises a site of around 2.10 ha within walking distance of the Docklands Rail Station.
