Nama delivers €200m development in Dublin

The National Asset Management Agency and property company Kennedy Wilson are joining forces to deliver a landmark €200m development in the heart of Dublin’s docklands.

The joint venture, for which planning permission has been submitted, will deliver more than 600,000 sq ft of office space at a prime location on Sir John Rogerson’s Quay, close to Google’s Irish headquarters and among the array of financial firms in the capital’s IFSC.

Extending over almost five acres, the proposed Capital Dock development is one of the largest undeveloped sites in Dublin’s central business district (CBD).

Three buildings will provide a combined 313,000 sq ft of office space and 204 high-quality residential units across two buildings, one of which will incorporate a 19-storey tower.

The proposed development, which is bounded by water on two sides, will also include a 1.5-acre landscaped public park and square, designated cultural space, and retail and leisure offerings.

The development will set a new benchmark for office accommodation in the city and transform the entire region, according to Kennedy Wilson managing director Peter Collins.

“Our new development at Capital Dock will be the standard-bearer for integrated office and residential development.

“The scale and layout of the site will enable us to offer larger floor plate office buildings, but with a high degree of flexibility.

“Coupled with the water views on two sides and the level of public amenities being developed, Capital Dock should prove very attractive to office users looking to locate in South Docklands.

“This development will have a transformative effect, not only on the skyline of the Dublin Docklands, but on the public social, cultural and business realm in this part of the city,” said Mr Collins.

The joint venture sees Nama and Kennedy Wilson merge their adjacent sites on the quay with site assembly finalised since the end of last year.

It is understood no decision has been made on the mix of equity and debt funding that will be used to finance the development.

Kennedy Wilson is the majority partner and will act as the development manager to the project.

Planning permission is expected to be secured later this year with work pencilled in to be begin in early 2016.

The first of the three office buildings is due to be available the following year.

Construction time is shortened and the risk associated with the development significantly reduced as a result of substantial remediation work having been carried out already and having the two-storey basement works in place.

The development demonstrates Nama’s commitment and ability to deliver office, commerical and residential development in the Docklands, according to agency chief executive Brendan McDonagh.