UrbanRenewal: A development site in the rapidly changing Aungier Street/South Great George's Street city centre area is on the market
A prime development site in the South Great George's Street area of Dublin, one of the city's most vibrant and growing areas, is expected to make over €10 million when it is sold by tender.
The 0.18ha (0.45 acre) site fronts onto Aungier Street with return frontage to Stephen Street Upper and Longford Street Great.
Jones Lang LaSalle, which is handling the sale, is also quoting €2.5 million for a site of 0.05 hectares at Gloucester Street, on the opposite side of the city quays from the IFSC.
The Aungier Street site is zoned Z5 under the Dublin City Development Plan 2005-2011 which allows for a wide range of uses including offices, retail, residential, a hotel, education, night clubs, pubs, restaurants and car-parking.
"The Aungier Street/South Great George's Street area of Dublin is one of the most vibrant parts of the city centre at present," said Des Lennon of Jones Lang LaSalle. "It has been transformed in recent years into a new destination in its own right, combining a vibrant mixture of new shops, pubs, restaurants, apartments, hotels and educational facilities."
The nearby George's Street arcade has been established for many years as a retail market linking to the Powerscourt Centre and onto Grafton Street.
The general area has become a natural link between Grafton Street and Temple Bar, creating a busy daytime ambience with a lively nightlife.
In recent years the immediate surrounding area has seen considerable redevelopment completed or underway.
Dunnes Stores has chosen the area as the location for its head office, with construction at an advanced stage. This is directly adjacent to the site at the junction of Stephen Street Upper and South Great George's Street.
It is proposed to open a new pedestrian link to Dublin Castle and provide retail units along both Stephen Street Upper and South Great George's Street.
This site offers an opportunity to be part of this redevelopment with a wide mixture of possible uses allowed under its zoning. Once the site of the Palm Grove ballroom, it is currently arranged as a musical shop and showroom by Danfay, which is relocating.
The site comprises two adjoining two-storey shop buildings fronting onto Aungier Street linking to a single-storey warehouse behind with a hard surfaced yard accessed from Longford Street Great.
There is rear access to the warehouse from Stephen Street Upper and a surface car-park directly beside it.
The property has the potential to produce a short-term income through the use of the showrooms, warehouse and retail units on the site.
It is being offered for sale through the sale of 100 per cent of the shares of the company Danfay Property Limited and a 50 per cent share in Crofton View. Company documents are available upon request. The sale through this method offers a potential saving in stamp duty of up to 8 per cent.
Meanwhile, a development site of 0.05 ha in a rapidly changing area of the city centre is for sale by tender at Gloucester Street in Dublin 2. It is zoned for both office and residential use.
In the shadow of Dublin city centre's newest landmark buildings at George's Plaza, Gloucester Street is located a block south of the River Liffey at City Quay. The site is beside the latest Cosgrave Brothers development at George's Court in an area that is in the midst of a major revival.
The area has access to the work, shopping and leisure amenities of the city centre. It is within minutes' walking distance of Trinity College, Merrion Square, the IFSC and Grand Canal Harbour. The new Sean O'Casey pedestrian bridge across the Liffey will improve access between City Quay and Custom House Quay on the north side of the river.
The property going for sale is currently occupied by two interlinked warehouse buildings, whose occupants are relocating, and will be sold with vacant possession.
