DevelopmentLand: A developer has offered over €35 million for one of the last remaining development opportunities at Grand Canal Harbour in the Dublin docklands.

The land, known as Riverside 1V, is located at Sir John Rogerson's Quay and can be sold in either one or two lots.

Five developers pitched for the property and the Dublin Docklands Development Authority is now to assess the individual tenders before announcing the successful tender by mid-July, according to Grainne Hollywood, director of property with the authority.

The first lot offered for sale is a rectangular shaped site fronting on to the river Liffey with a total area of 0.66 hectares (1.65 acres). The second piece of land is also rectangular, covering an area of 0.14 hectares (0.34 of an acre) and is located to the south of the first lot.

The largest site has the capacity to accommodate a mixed office and residential development with a minimum of 10,550 sq m (113,560 sq ft) of offices and a maximum of 19,750 sq m (212,587 sq ft).

The mix of apartments can vary from 72 to 146 and it's generally accepted that most bidders would opt for the maximum number of residential units because of the ready market for them compared to the slowdown in the office sector.

The DDDA assessment will also be based on the designs put forward.

The overall development of the Grand Canal Harbour area is rapidly moving ahead with up to 1,000 apartments either under construction or planned along with various waterfront bars, restaurants, cafés and shops.

While the €35 million-plus price offered for Riverside 1V may surprise some in the business, it is not the first time that land has fetched this value in the Grand Canal Harbour.

Cavan developers P Elliot and John Flynn recently paid €30 million for 1.2 acres fronting on to the river Liffey while Ryde Developments agreed a figure of €10 million for a site of just over half an acre.