Developer Pat Crean's Marlet Property Group has secured in the region of €45 million from the forward sale to German fund, Realis, of 56 high-end apartments it is developing in Dublin's south docklands.
Located at the corner of Cardiff Lane and immediately adjacent to the Sorting Office, the 19,510sq m (210,000sq ft) office scheme which Marlet is also developing, the Ropemaker Place private rented sector (PRS) portfolio comprises 10 one-bed apartments, 29 two-bed apartments, six two-bed duplexes and 11 three-bed apartments.
Upon completion, the seven storey over-basement development will also include 181sq m (1,947sq ft) of retail accommodation as well as a concierge service and on-site amenities for residents.
Marlet's disposal of the Ropemaker Place apartment scheme comes just four months on from its sale for €240 million of the Sorting Office to Singapore-headquartered real-estate investment trust Mapletree Investments.
Significant return
The sale of the Sorting Office delivered a significant return for Marlet and its finance partners, M&G Investments. The site was acquired from An Post in 2015 in a transaction valued at € 40 million. The closure of the deal represented Mapletree's first office acquisition in Ireland, and its eighth investment in Europe.
Both the Sorting Office and Ropemaker Place are well-located in Dublin's south docklands, directly opposite the Bord Gáis Energy Theatre and within close proximity to the European headquarters of several global technology giants including Google, Facebook, and Airbnb. The area is also home to the offices of Accenture, BNY Mellon, Bank of Ireland, HSBC, LogMeIn, Matheson, State Street and TripAdvisor.
