The Government's plan to sell the 2.1-acre veterinary college means that over nine acres will be redeveloped in Ballsbridge, writes Jack Fagan
Another major site is to be offered for sale beside Jurys Hotel in Ballsbridge, Dublin 4.
The Government is to announce shortly that it is to sell the former UCD Veterinary College which stands on a site of 2.1 acres fronting on to both Pembroke Road and Shelbourne Road. It is likely to make over €100 million.
The decision to offload the old veterinary college at this stage has obviously been prompted by the recent decision of the Jurys Doyle Group to sell two of its Ballsbridge hotels on a 4.85-acre site to property developer Sean Dunne for €260 million. The veterinary college immediately adjoins most of that site.
The hotel group also plans to sell the Berkeley Court Hotel on two acres but has not indicated when this will take place.
The sale of the three sites means that just over nine adjoining acres of the most valuable land in Ballsbridge are now set to be redeveloped over the next few years.
Most of it will be used for new apartments rather than offices because of the higher values available for residential properties. New offices in Dublin 4 make between €9,687/€10,768 per sq m (€900 and €1,000 per sq ft), well below apartment values which can range anywhere from €12,916/€16,144 per sq m (€1,200 to €1,500 per sq ft).
Even with residential sale values at this level, developers will need to get planning permission for tower blocks to accommodate extra apartments and justify the high value of the sites.
Whoever buys the veterinary college will be hoping to get approval for at least as high a building as the adjoining Hume House office block which stands eight storeys over basement. An equivalent apartment building would provide at least 10 levels over a basement.
Like the Jurys site beside it, none of the buildings on the veterinary college campus are listed for preservation. All of them will be demolished, including a redbrick building fronting on to Pembroke Road which contains lecture rooms and laboratories.
A large courtyard in the centre of the site is flanked by rows of stables. Another redbrick block along the Pembroke Road frontage, formerly used as offices and classrooms, has been occupied by the Department of Justice for almost two years and is not expected to be included in the sale. An adjoining office building, rented by the Office of Public Works and the Post Office, is owned by the Galway property developer Frank O'Malley.
The sale of the veterinary college by tender, possibly within six weeks, will be one of the highest value sales by the Office of Public Works since it embarked on the disposal of disused State buildings.
In 2004, it secured €52.3 million for the former Department of Justice headquarters on St Stephen's Green and in July it shared €79 million with Eircom on the sale of a large office and apartment site opposite Heuston Railway Station. It was bought by the Galway property developer Padraic Rhatigan of JJ Rhatigan.
