Top south docks site for over €30m

Further signs that most major property development will be concentrated in the south Dublin docklands comes with the announcement that a large site at Sir John Rogerson’s Quay is to be offered for sale on the international market.

James Nugent and Ross Shorten of Lisney are guiding in excess of €30 million for the former British & Irish Steam Packet Company offices and adjoining site along Lime Street which have been in the ownership of a little-known Dublin family for almost 50 years.

The 0.72 of a hectare (1.78 acres) site, at 20-27 Sir John Rogerson's Quay, fronts on to the river Liffey close to the Samuel Beckett Bridge and has a 50-50 commercial/residential zoning under the newly launched Strategic Development Zone. This allows city planners to grant a special form of planning permission which cannot be appealed to An Bord Pleanála.

Expert advice

The vendors have already got expert advice which suggests the new owners should get approval for a five-storey commercial development of at least 13,000sq m (almost 140,000sq ft) and 74 apartments with the possibility of three additional set back floors allowed along Sir John Rogerson’s Quay.

Lisney has advised the vendors that depending on the specific design of the new development, there may be scope for a further 5 per cent of commercial space leading to a 55-45 per cent mix.

The planned sale comes only days after global property developer Kennedy Wilson and Nama announced they had lodged a planning application for a joint development of 29,079sq m (330,000sq ft) of office space, 204 apartments and retail facilities across a neighbouring 4.8 acre site also at Sir John Rogerson Quay

Planning approval

Nearby planning approval has already been sought for a €150 million redevelopment of Boland’s Mill, including constructing a 14-storey office block. Also closeby

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is to free up a 2.3 acre redevelopment site by relocating its sorting office on Cardiff Lane in the expectation it will get around €45 million for the key site.

Closer to the city centre, Hibernia Reit and US invester Starwood Capital are expected to join forces in the redevelopment of Windmill Lane Studios where U2 began their recording career. A one acre site has mixed use planning permission for 11,612sq m (125,000sq ft) of offices, 836sq m (9,000 sq ft) of retail and 15 apartments.

The British & Irish Steam Packet Company offices dating from 1909 extend to 600sq m over two floors and are listed for preservation. The company operated between British and Irish ports between 1936 and 1992. In later years it was popularly known as the B & I line.