Contracts have been exchanged on the purchase of a €40.5 million 1.7-acre development site in Dublin by UK property developer Development Securities in a joint venture with Colony Capital, and developers Paddy McKillen and Johnny Ronan.
Colony Capital, a $20 billion investment fund, and Mr McKillen own about 60 per cent of the joint venture.
In a statement today,Development Securities said that the site has existing planning consent for the development of a 166,000 sq. ft. grade A office building which would replace the existing five storey, vacant office building that currently occupies the site. Located on Burlington Road, within Dublin’s prime commercial core, the site is well connected with excellent access to transport links across the city.
According to Development Securities, the office development will be marketed for pre-lets over the near-term with initial site works expected to commence within the next six months and the building anticipated to complete in mid to late 2016.
Michael Marx, chief executive of Development Securities said that the site represents " a rare opportunity to acquire a 'shovel ready' development site in Dublin, a market in which the supply of new, high quality office space is limited, and where only one major speculative development scheme is currently under construction".
“We have an established track record in office development and this expertise is further strengthened through investing in the partnership with Mr McKillen and Mr Ronan, two of Ireland’s most experienced commercial developers. The support of Colony Capital, one of the US’ premier real estate investment firms, underlines the strength of both the team and the project. This is our second acquisition in Dublin, a market where we see continued investment and development opportunities,” he added.
