Zara founder in €100m deal for Dublin docklands apartment block

The family firm of Zara founder Amancio Ortega has paid just over €100 million for a portfolio of 120 luxury rental apartments in Dublin’s south docklands.

The price paid by the Spanish billionaire’s firm, Pontegadea, for the Opus building at Six Hanover Quay equates to an average of €841,666 per unit and is broadly in line with the €101 million the scheme’s outgoing owners, New-York headquartered investor Angelo Gordon and its local partners, Carysfort Capital, paid to secure ownership of the scheme from developer Cairn Homes in 2019.

Cairn had purchased the site, for its part, from a consortium involving the National Asset Management Agency, Bennett Construction and Oaktree Capital for €18 million in 2016 and spent about €40 million on its development. The 120 apartments acquired by Pontegadea comprise a mix of 24 one-bedroom, 74 two-bedroom apartments and 22 three-bedroom apartments.

The residential accommodation at Opus 6 Hanover Quay is concierge-serviced and complemented by the presence at ground-floor level of Mackenzie’s, a restaurant operated by Paddy McKillen jnr and Matt Ryan’s Press Up Entertainment Group, and a coffee shop. The scheme itself has rooftop terraces and an on-site gym and offers both a shared car service and dry-cleaning services to its residents.