Having originally sought in excess of €170 million in a forward-funding sales process last November, London-based Platinum Land has changed course on its plans to deliver a scheme of 550 rental apartments on the site of the former Chivers factory in Coolock.
The Jam Factory site, as it is known, is now being offered to the market by agent Cushman & Wakefield with the benefit of the planning permission secured by the owners at a guide price of €25million.
The approved scheme comprises a mix of 67 studios, 205 one-bed units, 221 two-beds and 57 three-bed apartments with 340 car parking spaces and 616 bicycle spaces.
The proposed apartment development also includes a range of tenant amenities, including co-working and residents’ lounge spaces and a standalone gym and creche building, all set within landscaped parklands that extend to approximately 1.21 hectares (3 acres).
Having previously been instructed to handle the forward funding of the development, Cushman & Wakefield say the site sale will give the purchaser the opportunity to maximise their returns, as they will have full control of the project from start to finish.
‘Shovel-ready’
Paul Nalty of Cushman & Wakefield’s development land division says: ‘The Jam Factory offers buyers a shovel-ready site of considerable scale that is situated close to the city. Investors will be encouraged with the discussions to date with Dublin City Council for an agreement to lease 30 per cent of the overall units. This will significantly de-risk the development while creating a positive and balanced solution to the housing crisis.”
Coolock, meanwhile, is an established residential location, with existing local amenities that include leisure facilities, retail and grocery and educational institutions.
The Jam Factory site is about 6km north of Dublin city centre and 3km from the M1/M50 interchange providing access to all arterial routes. The scheme is well served by public transport links with the Quality Bus Corridor (QBC) and Dart both situated within walking distance.
Nearby employment hubs include Dublin Airport, Beaumont Hospital, Dublin Port and East Point Business Park.
