Eagle Street acquires docklands site from Glenveagh

The 4.6-acre Castleforbes site has plans for hotel and more than 700 homes

What the Castleforbes site might look like in Dublin’s docklands. Photograph: Eagle Street Partners

What the Castleforbes site might look like in Dublin’s docklands. Photograph: Eagle Street Partners

 

Property investment firm Eagle Street Partners Group has acquired a 4.6-acre residential and hotel site at Castleforbes Business Park in Dublin’s docklands from Irish homebuilder Glenveagh Properties.

The two companies announced on Thursday that they had exchanged contracts for the sale of the site to a subsidiary of Eagle Street for €78.5 million.

Eagle Street Partners described it as a “significant land acquisition” in Dublin. The site has potential for 702 residential units and a 219-room hotel. The residential units will be offered for rent rather than sale to individual buyers.

The transaction is expected to be completed in the fourth quarter of 2021 and has a gross development value in excess of €500 million, Eagle Street Partners said. The residential units will become part of its Irish private rented sector activities, called Resident Space.

Eagle Street Partners – founded by Justin Bickle and Shane Scully, both previously of Glenveagh, last year – said it was seeking further sites to add to its interests in the Irish purpose-built private rented sector.

The firm has offices in Jersey, Dublin, London and Luxembourg.