Cairn Homes to sell Six Hanover Quay development for €101m
Development comprising 120 apartments and restaurant due for completion in early 2019
Cairn chief Michael Stanley at Six Hanover Quay. Photograph: Cyril Byrne
Cairn Homes has agreed to sell its development at Six Hanover Quay in Dublin to a special purpose company managed by Carysfort Capital for €101 million, including VAT.
The development comprises 120 apartments, a 464sq m (5,000sq ft) restaurant and 130sq m (1,400 sq ft) cafe. Currently under construction, it is scheduled to be completed early next year.
The sale price represented an average gross price of €800,000 for each of the apartments.
“The sale of Six Hanover Quay in a single transaction is a tremendous outcome for our business which will deliver a strong return for our shareholders,” Cairn chief executive Michael Stanley said. “Six Hanover Quay is a landmark building in the heart of Dublin city centre’s thriving new urban quarter.”
Excluding VAT, the sale price is €89 million and represents a yield of 4 per cent for Cairn, which had acquired the site in early 2016 for €18 million.
Mr Stanley said three of its current 12 sites are apartment schemes in Dublin city, and the company plans to begin three further apartment developments within the next 12 months.
“The nature and extent of our ambitious apartment construction activities will make an important contribution to this city which suffers from a stark imbalance between office and apartment construction. Dublin needs places to live to match the quantum of places to work,” he said.