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Dublin's Biggest Prime PRS Opportunity Hits The Market — Can It Top €200M?

Artist's impression of Dublin Landings residential scheme

The residential element of Ballymore and Oxley’s Dublin Landings development on North Wall Quay — 268 apartments across two buildings — has been put up for sale.

Selling agent Savills, which is not quoting a guide price, said the scheme represents Ireland’s largest prime private rented sector opportunity to date.

Currently under construction with the first phase scheduled for completion in September, the two blocks will extend to almost 240K SF and will comprise 82 one-bed, 146 two-bed and 31 three-bed units, as well as nine three-bed duplex apartments.

On-site residents’ amenities will include concierge facilities, landscaped gardens, a private gym, business lounges and 210 basement car parking spaces.

Ballymore Managing Director John Mulryan said Dublin Landings has been designed to introduce “a new standard of rental product” to Dublin.

The high-spec development is expected to attract the interest of major global players, who — going on prices achieved or asked for on other docklands PRS schemes — may be prepared to spend anything from around €170M to over €200M.

Earlier this year, Carysfort Capital agreed to buy Six Hanover Quay — a 120-unit apartment block — for €101M, representing a per-unit price of €840,000. Ires REIT, Patrizia, Hines and Kennedy Wilson are all understood to have been in contention to buy the building.

In August, TIO’s Benson Building at 76 Sir John Rogerson’s Quay was put on the market for €52.5M. Due to be completed in Q1  2020, the building will comprise 72 apartments, equating to over  €700K per unit if the asking price is achieved.

Another PRS opportunity currently available is a portfolio of 206 apartments across three schemes in Mount Merrion, Rathfarnham and Portmarnock, currently being developed by Regency. It is being sold off-market by CBRE, which is understood to be seeking in excess of €100M.