‘Market will decide’ price of docklands apartments

Dublin Landings, under construction, goes on sale a year ahead of expected completion

CGI of Dublin Landings, docklands

CGI of Dublin Landings, docklands

 

The largest build-to-let apartment development planned for the Dublin docklands goes for sale later this week on the international market – nearly 12 months ahead of its expected completion date.

Savills estate agency is to handle the marketing of 268 apartments under construction on the Dublin Landings sites, where two of the five planned office buildings have already been completed for the National Treasury Management Agency and WeWork.

The large-scale residential element is expected to account for up to a quarter of the 1 million sq ft office, residential and retail complex, which is well advanced on North Wall Quay, close to the new Central Bank.

The apartments are located in two seven- to 11-storey blocks, with basement parking for 216 cars and other on-site residential amenities, including concierge facilities, landscaped gardens, a private gym and business lounges.

Unusually, neither of the two development companies, Sean Mulryan’s Ballymore and the Singapore-based Oxley company, have given any indication of the likely selling price for the two apartment blocks.

Both firms will apparently rely on a particularly high-quality specification to attract a realistic valuation. One expert has told interested parties that “the market will decide what the apartment blocks are worth”.

John Mulryan, managing director of Ballymore, said: “Dublin Landings has been designed to introduce a new standard of rental product in Dublin. This development offers a great deal to its residents: an incredible central location, considered design inside and out, high-quality specification, and a streetscape with soul – thanks to new restaurants, office space, and retail.

“This part of Dublin is undergoing a great deal of exciting change, and we can’t wait to see it come to life.”

Most of the residential accommodation (146 units) will have a two-bedroom layout. A further 82 will have single bedrooms, 31 will have three bedrooms, and nine will be three- bed duplex homes. Future residents are likely to be impressed by the spectacular view over the river Liffey and the Dublin docklands.

There is already considerable demand for apartments in the docklands, where more than 40,000 people are employed across the banking, financial, legal and other service sectors.

Recent studies have shown that the docklands is likely to attract the highest concentration of new office developments over the next decade, with an additional 186,000sq m (2 million sq ft) of offices scheduled for completion by 2021. Such an extension should be capable of accommodating another 15,000 workers.

One of the great advantages of the residential accommodation in The Landings is that it will be within a few minutes’ walk of the Luas as well as bus and bike stations. The new residential facilities will also be within about 25 minutes’ drive of Dublin Airport via the Dublin Port Tunnel.

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