Property investment firm Eagle Street Partners Group has doubled down on its investment in Dublin's north docklands with a deal to purchase a 5.2 acre residential site from Irish homebuilder Glenveagh Properties.
Eagle Street, which is headed up by former Glenveagh chief executive Justin Bickle, is understood to have agreed to pay in excess of €60 million for the lands at 1-4 East Road.
The site comes with full planning permission for 554 apartments distributed across nine buildings ranging in height from three to 15 storeys, along with commercial/enterprise space, three retail units, a foodhub/café/exhibition space, a crèche and men’s shed.
The site also provides for 241 car parking spaces and 810 bicycle parking spaces.
News of the off-market transaction comes just nine months on from Eagle Street’s acquisition for €78.5 million of a neighbouring 4.6-acre residential and hotel site at Castleforbes Business Park from Glenveagh Properties.
Those lands have scope for the delivery of 702 residential units and a 219-room hotel. The residential units at both the East Road and Castleforbes schemes will be aimed at meeting the demand from Dublin’s private rented sector (PRS) market rent rather than being offered for sale to individual buyers.
Spokesman for both Glenveagh and Eagle Street Partners Group declined to comment on the East Road transaction when contacted by The Irish Times.