€450m development plans submitted

Plans have been submitted for a €450m property development in the heart of the Dublin Docklands with construction due to get under way early next year.

The proposed 42,500 sq m office and residential development at 5 Hanover Quay and 76 Sir John Rogerson’s Quay is the largest planning application submitted to Dublin City Council (DCC) since the area was designated a Strategic Development Zone (SDZ) in December 2012.

Savills Ireland and DTZ Sherry Fitzgerald have been appointed as letting agents for the schemes, which are to be branded as the Reveal Developments and are expected to house up to 2,400 workers and 158 apartments once completed.

Commenting on the submission to Dublin City Council, Savills Ireland chairman Roland O’Connell said the developments will be a welcome addition to office space in the capital at a time of tightening supply.

“The Dublin Docklands is strategically important for the economy. Over the past 10 years, we have seen major global businesses — such as Google, Facebook, Yahoo and State Street Bank — choose the Docklands as their European HQs, creating thousands of jobs. With new office space in the area virtually non-existent, it is very timely that The Reveal Developments have committed to providing new schemes in this most sought after location.

“We need to ensure that we continue to attract the biggest players in global business to Dublin — providing quality office space and residential accommodation in Dublin’s main economic hub is paramount to that,” said Mr O’Connell.

Construction costs for the developments will be in the region of €140m, it is understood.

The project is being promoted by funds managed by Los Angeles-headquartered alternative investment manager, Oaktree Capital Management; Irish property and construction organisation Bennett Group and Nama.

The parties have invested in the South Docks Fund of Targeted Investment Opportunities (TIO plc), an umbrella fund with segregated liability between sub-funds of which Oaktree is the investment manager and Bennett Property is the asset advisor.

The announcement comes a week after planning approval was sought for the €150m development of the iconic Boland’s Mill site in the Docklands.

76 Sir John Rogerson’s Quay will comprise 9,330 sq m of office space and 58 one, two and three-bedroom apartments as well as separate office, retail and café units. 5 Hanover Quay will provide 18,000 sq m of office space and 100 apartments in addition to ground-floor leisure, café and retail units.