Los Angeles-based real estate investment firm Kennedy Wilson has appointed Irish contractor John Sisk & Son to build a 660,000sq ft mixed-use development at Capital Dock, a prime waterfront site in Dublin's south docklands.
This is one of the biggest commercial development contracts awarded in the Irish market in recent years, and represents Sisk’s fourth contract with Kennedy Wilson, which set up in Dublin in 2011 and has since spent €1.2 billion acquiring a portfolio of assets here.
The first of three office buildings is due to be delivered at Capital Dock late next year, followed by 190 high-quality residential apartments in mid-2018.
Kennedy Wilson paid €106 million in 2012 to secure its interest in the site, and is now developing the land in a joint venture with the National Asset Management Agency (Nama), which has a 15 per cent stake in the project.
The 4.8-acre site is due to accommodate offices, retail and leisure, and a 23-storey residential tower that overlooks the point where the Liffey meets Grand Canal Dock.
“In Los Angeles that would be a very big development,” Kennedy Wilson’s global chairman and chief executive Bill McMorrow told
The Irish Times
in May. “We’re very proud of that particular project.”
Alison Rohan, head of Ireland for Kennedy Wilson, said the scheme, which was designed by Irish architecture firm O'Mahony Pike, was the largest mixed-use development in Dublin's south docks.
“As a campus location offering over 330,000sq ft of flexible office space in addition to on-site residential, leisure and retail amenities, we expect it will appeal to both Irish and international companies looking for a location in the heart of the capital, and from which to grow their business.”
Ms Rohan also welcomed the recent news from Dublin City Council of the timetable for completion of the Dodder Bridge , which will enhance transport links in the area.
The bridge is expected to be completed by 2020, and will join the east end of Sir John Rogerson’s Quay with Ringsend, providing Capital Dock with ready access to the Port Tunnel, the M50 and Dublin airport, and the main suburbs of the capital on both sides of the Liffey.
“The bridge gives another point of access to south docklands, and along with the cross-city Luas project and the Dart interconnector, reinforces the strength of Capital Dock as one of the most accessible in the city,” said Ms Rohan.
Kennedy Wilson's portfolio in Ireland includes the Shelbourne Hotel in Dublin, Stillorgan Shopping Centre, the State Street office building in the Dublin docklands, and a number of residential developments where it currently has about 1,500 apartments rented out.