A planning application has been submitted to Dublin City Council (“DCC”) for the development of almost 42,500 sq. m. of office and residential accommodation at 5 Hanover Quay and 76 Sir John Rogerson’s Quay in Dublin’s Docklands. It is the largest planning application to be submitted to DCC since the area was designated a Strategic Development Zone (“SDZ”). Subject to planning approval, construction may commence in Q1 2015. Upon completion, the new developments (branded as ‘The Reveal Developments’) are expected to accommodate up to 2,400 workers and 158 apartments. Savills Ireland and DTZ Sherry Fitzgerald have been appointed as letting agents for the schemes.
The €450m project is being promoted by funds managed by Los Angeles-headquartered alternative investment manager, Oaktree Capital Management, L.P. (“Oaktree”), Irish-based property and construction organisation Bennett Group and NAMA.
The parties have invested together in the South Docks Fund of Targeted Investment Opportunities plc (“TIO plc”), an umbrella fund with segregated liability between sub-funds of which Oaktree Capital Management (UK) LLP is the Investment Manager and Bennett Property Limited is the Asset Advisor. TIO plc has been regulated by the Central Bank of Ireland since 2 July 2013.
The lands subject to the planning application are to be marketed as part of The Reveal Developments which aim to highlight Dublin’s creativity, confidence, intelligence and connections to global business.
Meanwhile, next week, another sub-fund of TIO plc, the City Development Fund, will commence the construction of a new building at 6-8 Hanover Quay which comprises 4,600 sq. m. of office space. When completed, the building will accommodate 300 staff in the flagship European headquarters of a major U.S.-based corporation and it is expected that 250 construction jobs will be created. The identity of the long-term tenant for that building will be announced in due course. The shareholders of the City Development Fund also include Oaktree, NAMA and Bennett Group.
The properties subject to the planning application by the South Docks Fund are:
§ 76 Sir John Rogerson’s Quay, Dublin 2
§ 5 Hanover Quay, Grand Canal Dock, Dublin 2
76 Sir John Rogerson’s Quay, Dublin 2, will comprise 9,300 sq. m. of office space and 58 one-, two- and three-bedroom apartments located above ground level. Separate office, retail and café units will be located at ground floor level offering active frontage onto the future ‘Chocolate Park’ which is due to open next summer. The Park – which is situated between Hanover Quay and Sir John Rogerson’s Quay – will provide a new leisure space for workers and residents at Grand Canal Dock.
5 Hanover Quay, Grand Canal Dock, Dublin 2, will provide 18,000 sq. m. of office space and 100 one-, two- and three-bedroom apartments in the form of a u-shaped block connected to the eastern side of the office building. At ground floor level, there will be a mix of leisure, café, retail and own door office units. The residential element of the building will also have prime views towards Grand Canal and the future Chocolate Park.
Roland O’Connell, Chairman of Savills Ireland and Ronan Corbett, Director, DTZ Sherry Fitzgerald – who have been appointed as joint letting agents – commented:
“The Dublin Docklands is strategically important for the Irish 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 new jobs. With new office space in the area now 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 and residential accommodation in Dublin’s main economic hub is paramount to that.”
Justin Bickle, Chairman of TIO plc and Managing Director of Oaktree commented:
“Last year we partnered with NAMA and Bennett Group to provide the capital necessary to facilitate the creation of world class office and mixed use facilities in the heart of Dublin’s South Docks. Since then, we have worked tirelessly with a team of highly experienced architects, designers, international creative and development consultants to ensure we deliver commercial and residential property schemes which reveal the best of Dublin: its creativity, its confidence, its intelligence and its connections to global business. We are delighted to have secured our first tenant and to submit these planning applications for consideration by DCC. We look forward to playing our part in Dublin’s renewal and in the recovery of the Irish economy generally.”
Brendan McDonagh, CEO NAMA commented:
“Following on from the Boland’s Mill planning application last week, this announcement by TIO builds on the progress that NAMA has already made in the Docklands SDZ and augments our programme to facilitate the coherent development of this area. This is one of 15 sites in the Docklands area in which NAMA has an involvement and we look forward to announcing further progress in the Docklands SDZ throughout 2015.”