A pivotal 66-acre estate in Celbridge has sold for €77.6m and 8.2 acres near Heuston Station have made around €79.263m, writes Jack Fagan.
Two mixed-use development sites have been sold for over €156 million.
Tony Durcan of Devendale Developments has paid €77.6 million for a 66-acre estate at Celbridge, Co Kildare which includes 22 acres zoned mainly for a new town centre. There is also scope to provide a large housing scheme in the grounds of Donacumper House which adjoins the town.
In Dublin city, Galway developer Padraig Rhatigan has emerged as the purchaser of an 8.2-acre site opposite Heuston Station which has planning permission for a substantial office development, shops, a hotel, 281 apartments and a museum of modern art. The purchase price of €79.263 million will be divided between the Office of Public Works and Osprey Property Ltd, a subsidiary of Eircom plc.
The strong prices paid in both instances underlines the ongoing optimism about both the commercial and residential markets which look set to benefit from a continuation of low interest rates.
A high level of interest in the Donacumper lands stemmed from the decision by Kildare Co Council to rezone 22.1 acres "to extend and improve the current congested town facilities in Celbridge".
Several thousand new homes have been built in Celbridge in recent years and even more are planned for the years ahead. This has put considerable pressure on existing retail facilities which are largely confined to the main street.
Mr Durcan's company is expected to provide a much needed shopping centre as well as other town centre facilities including offices, retail warehousing, leisure and medical accommodation and apartments on the 22 acres next to the town.
More than 400 other large homes are likely to be built on another 26.7 acres which are surrounded by a belt of mature trees and old cut-stone walls close to the River Liffey.
The sale also includes Donacumper House, a large Gothic-style manor house which stands on 17.8 acres of formal gardens and timbered grounds divided by a winding tree-lined avenue from the entrance gates and its distinctive gate-lodge.
Lucan auctioneer John McDonald of McDonald Brothers handled the sale.
The prestigious Westgate site opposite Heuston Station is predicted to do for the western end of the city what the IFSC did for its eastern edge more than a decade ago.
Jones Lang LaSalle originally quoted €60 million for the 8.2 acres bordering the formal gardens of the Royal Hospital, St John's Road and Military Road but later raised the guide to €70 million because of a high level of interest among developers.
The sale was obviously helped by the recent announcement that the Government is to develop new court buildings on the opposite side of Heuston Station. These will be located on the former car pound close to the entrance to the Phoenix Park.
The Westgate site has full planning permission for a mixed-use scheme designed by Anthony Reddy & Associates which includes 17,442sq m (187,743sq ft) of offices, 1,505sq m (16,199sq ft) of retail units, 281 apartments, a substantial hotel, as well as a new building for the nearby Irish Museum of Modern Art. The site has excellent transport links - rail, Luas and QBCs.
Eircom has retained about 1.8 acres on St John's Road for a new headquarters which will have a floor area of 19,699sq m (212,038sq ft).
Paul Fanning of agents Lambert Smith Hampton, who advised Mr Rhatigan, said he believed there was scope to achieve some improvements in the planning permission for both the residential and office elements of the scheme.
The OPW also plans to capitalise on an adjoining site on the other side of Military Road where it is seeking planning permission for an office scheme. The plan, currently being reviewed by An Bord Pleanála, includes proposals for a 32-storey tower, which, if successful, would be Ireland's tallest tower.
