Kennedy Wilson is looking to secure just under €18 million from the sale of a prime residential investment in Dublin’s south docklands.
Having paid about €11 million to acquire the Alto Vetro building in 2013 from receivers appointed by the former Anglo Irish Bank, the US-headquartered real estate investment firm and its joint-venture partner Axa Investment Managers (IM) are seeking €17.94 million for the 16-storey apartment tower through agent Knight Frank.
Completed in 2009 by Johnny Ronan and Richard Barrett’s now-defunct Treasury Holdings, the property occupies a prime location at Grand Canal Dock, within close proximity to Google’s sprawling EMEA headquarter campus.
Designed by Shay Cleary Architects as a “pristine glazed rectangular free-standing object”, the Alto Vetro has the highest plot ratio of any building in the city at 17 to one – a record for Dublin because part of the tower was allowed to encroach on the campshire of the quayside.
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The building comprises 24 two-bedroom apartments, two three-bedroom triplex penthouses with panoramic views of Dublin and two ground-floor retail units. The investment currently produces a gross annual income of €1,099,950.
While it is now 17 years old, the Alto Vetro building has stood the test of time in terms of its environmental credentials and has a “Very Good” BREEAM certification. This highlights its strong sustainability and long‑term operational efficiency. The scheme was also awarded the Silver Housing Medal by the Royal Institute of the Architects of Ireland upon its completion, recognising its architectural merit and high‑quality contribution to Dublin’s skyline.
Should a sale proceed at the €17.94 million guide price, the new owner would stand to secure a net initial yield of 4.75 per cent.
Tim MacMahon of Knight Frank says: “The launch of this asset presents a one-off opportunity to secure an award‑winning, sustainably designed and income‑generating trophy residential investment in one of Europe’s leading innovation and technology hubs."
