JLL, BNPPRE put Dublin mixed-use project on the market for €50m

Joint receivers Luke Charleton and David Hughes of EY have mandated JLL & BNP Paribas Real Estate to put Dublin's Spencer Dock development opportunity on the market.

The agents are providing a guiding price of €50 mln for what will be one of the largest development projects in the city centre. The six-acre waterfront site 'offers a unique opportunity to create a major mixed-use development', they said.

Located within the Strategic Development Zone (SDZ) and zoned for mixed-use development, the site presents an opportunity to create a new urban quarter adjacent to the existing completed Spencer Dock Development.

'Given the lack of prime properties available in Dublin to cater for the current volume of demand in many sectors...we expect a great deal of interest in this development both from local and international investors,' said Luke Charleton.

The receiver claims the site has the potential to house two large headquarters for businesses looking to move or locate in the area. The waterfront site has planning permission for a 169-bedroom hotel, over 31,580 m2 of office space and 165 apartments with additional lands to accommodate further mixed-use development.

'The timing of such a development opportunity is extremely favourable with a current shortage of new office space and residential units in Dublin and so the successful developer who secures the site can capitalise on the strong demand from occupier markets,' commented Des Lennon of JLL.