Grand Canal Harbour site for sale

DevelopmentSites: One of the last remaining development opportunities at Grand Canal Harbour in the Dublin docklands is to go for sale by tender on June 24th.

The land, known as Riverside IV, is located at Sir John Rogerson's Quay and will be sold in two lots by joint agents Hooke & MacDonald and Palmer McCormack.

The first lot is a rectangular-shaped site fronting on to the river Liffey with a total area of 0.66 hectares (1.65 acres). The second piece of land is also rectangular, covering an area of 0.14 hectares (0.34 of an acre), and is located to the south of the first lot. The larger site has the capacity to accommodate a mixed office and residential development with a minimum of 10,550 sq m (113,560 sq ft) of offices and a maximum of 19,750 sq m (212,587 sq ft).

The mix of apartments can also vary from 72 to 146 and it will be no surprise if the eventual buyer pursues the option for the maximum number of residential units because of the present high vacancy rate in the office market.

Interested parties will be required to submit a design of the development proposed. Developers pitching for the smaller site will not have to submit a design in advance.

While progress on the redevelopment of the northside of the city quays has slowed down, the Dublin Docklands Development Authority is rapidly moving ahead with the creation of a vibrant new city quarter around Grand Canal Harbour. Up to 1,000 apartments are either under construction or planned along with various waterfront bars, restaurants, cafés and shops. The area is also to get a high volume of office space along with a 160-bedroom, five-star Hyatt Hotel.

The centrepiece of the scheme will be a major new arts/cultural building, dubbed "Ireland's answer to Sydney's Opera House", which will front the recently completed Grand Canal Square public piazza.

Demand for new apartments in the area has been exceptionally strong since the first scheme was launched and developers gearing up to bring new homes on to the market later this year are confident that there will be a similar response to the next tranche of units. Letting agents are also reporting huge interest in the commercial elements, particularly the convenience stores, shops and restaurants.

The joint agents are not providing a price guideline for the two plots now for sale. However, two recent sales in the same area will give a good indication of values.

Cavan developers P Elliot and Co paid €30 million for 1.2 acres fronting on to the river Liffey while Ryde Development (who built the office element of the Sweepstake scheme in Ballsbridge over a decade ago) agreed a figure of €10 million for a site of just over half an acre.