450 brand new apartments on their way to Dublin Docklands in €40 million development
The sale of 1-3 East Road was confirmed by Savills Ireland on Thursday morning.
A site with the potential to accommodate 450 apartments in the Dublin Docklands has been acquired by Glenveagh Properties for a fee in excess of €40 million, it was confirmed on Thursday.
The sale of 1-3 East Road, a rare residential development opportunity in Dublin’s North Docklands, was confirmed on behalf of Duff & Phelps by Savills Ireland and according to a feasibility study prepared by O’Mahony Pike, the site has the potential to accommodate a scheme of 450 apartments.
The site is within walking distance of the terminus stop of the Luas Red Line and Docklands Railway Station and located close to the Point Village Retail Centre, the 3 Arena and the Gibson Hotel.
Mark Reynolds, Director, Development & Consultancy at Savills Ireland, said: “Securing a site with such scale and in such a central location is a real rarity in the Dublin land market.
“The buyer will be able to capitalise on an area undergoing significant change in the north docklands and also to tap into the pent up local demand for residential accommodation both to rent and purchase.”