Bolands Mills sold for €42m

Docklands Development The historic 19th century building at Grand Canal Dock is to be redeveloped as apartments and offices by developer Sean Kelly. Jack Fagan reports.

The sprawling 19th century Bolands Mills at Grand Canal Dock in Ringsend, Dublin 4, is to be redeveloped for apartments and offices after being sold for around €42 million.

The new owner, Mr Sean Kelly, built 185 apartments and offices in the old Adelaide Hospital and is currently completing a large office and retail scheme at the junction of Mary's Abbey and Capel Street in Dublin 1.

Mr Kelly's company, Versus Ltd, outbid more than a dozen developers for Bolands which was sold by the IAWS. Mr Ken MacDonald of agent Hooke & MacDonald handled the sale.

The underbidders are likely to have included Treasury Holdings which has a substantial property on Barrow Street beside Bolands.

Dunloe Ewart originally agreed to purchase the mill in December 1999 for €31.74 million and though it later secured planning permission for a mixed office/apartment scheme, it subsequently decided against proceeding with the acquisition.

Since then both the Grand Canal Dock area and Barrow Street have been transformed by a range of office and apartment schemes, most of which have yet to be completed. More than 3,000 apartments alone are being built in Grand Canal Dock which is destined to become a lively new city quarter within the next few years.

With Government policy now favouring high density developments close to transport nodes - Bolands Mills is a two-minute walk from Barrow Street DART station - Mr Kelly is expected to seek planning permission for a tower block even higher than the mill, which stands 21 storeys at one point.

Bolands Mills stands on the opposite side of the Ringsend Road to Millennium Tower, the 16-storey apartment building completed by Liam Carroll of Zoe Developments.

Mr Kelly will be hoping to get planning permission for 300 apartments in the proposed tower block and in three listed buildings on the site.

The planning application, which is likely to be handled by architects Scott Tallon Walker, will also include provision for 18,580 sq m (200,000 sq ft) of offices and 6,965 sq m (75,000 sq ft) of retail facilities. There are also plans to provide a walkway along the waterfront.