Application submitted for €450m docklands development
Oaktree, Bennett and Nama to construct offices for 2,400 staff and 158 apartments
An artist’s impression of the rear of 5 Hanover Quay, part of the Strategic Development Zone in the docklands
A planning application is being submitted for a major commercial and residential development in Dublin’s south docklands that is being planned by US investment group Oaktree Capital Management, Irish construction company Bennett and the National Asset Management Agency.
The development will comprise 42,500 square metres of offices and apartments at 5 Hanover Quay and 76 Sir John Rogerson’s Quay. The construction costs are estimated at €140 million with the project set to accommodate up to 2,400 workers and 158 apartments when fully developed.
About 250 workers will be employed during the construction phase of the project, which is expected to have a value of €450 million on completion.
The sites are part of the Strategic Development Zone in the docklands, which allows for fast-track planning. Permission is being sought from Dublin City Council and construction could begin in the first quarter of 2015.
Savills Ireland and DTZ Sherry FitzGerald have been appointed as letting agents. The sites are close to the Grand Canal Dock,where the Bord Gáis Energy Theatre and the Marker Hotel are located.
Oaktree, Bennett and Nama have invested together in the South Docks Fund of Targeted Investment Opportunities plc, an umbrella fund of which Oaktree is the investment manager and Bennett is the asset advisor. TIO has been regulated by the Central Bank of Ireland since July 2013.
Another sub-fund of TIO, the City Development Fund, will next week commence the construction of a building at 6-8 Hanover Quay which comprises 4,600 square metres of office space. This fund has the same three shareholders.
The building will accommodate 300 staff in what has been described by the letting agents as a “flagship European headquarters of a major US-based corporation”. It is expected that 250 construction jobs will be created by the development.
It is understood that Nama has a 16.5 per cent shareholding in the South Docks Fund and a 47.8 per cent share in the City Development Fund.
It is expected that 10 per cent of the apartments in these developments will be made available for social housing.
Justin Bickle, chairman of TIO and managing director of Oaktree, predicted the developments would be part of “Dublin’s renewal”.
Brendan McDonagh, chief executive of Nama, said: “ This is one of 15 sites in the Docklands area in which Nama has an involvement and we look forward to announcing further progress in the docklands SDZ throughout 2015.”