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The Nama-controlled Apollo House site in Dublin, which has planning permission for a 136K SF office block, has been put on the market and is expected to sell for between €40M and €45M.
According to Savills, demand for office space is now at its highest level ever, with current market enquiries adding up to over 6M SF.
Previously owned by Garrett Kelleher’s Shelbourne Development and home to the Department of Social Protection until 2015, Apollo House hit the headlines at the end of 2016 when it was occupied by activists and homeless people for almost a month.
Receivers Simon Coyle and Tom O’Brien of Mazars have appointed Savills to handle the sale of the 0.72 acre site on Tara Street.
The site’s planning permission allows for a 10-storey over basement office building, as well as ground floor retail and food and beverage units.
The planned building includes a double basement with 40 car parking and 166 bike spaces, as well as shower and toilet facilities. The eighth floor will have a wraparound terrace and most of the upper levels will have additional outdoor space.
Savills Director of Development and Consultancy Mark Reynolds described it as one of the last opportunities in the central business district to buy a development site of scale in a location where demand for office space is strong.
“We expect there to be interest from a variety of buyers, including developers, REITs, pension funds and investors,” he said.
There has been speculation that the Apollo House site could be developed as part of a wider scheme. It is adjacent to the Office of Public Works-owned Hawkins House, which previously housed the Department of Health. That site has planning permission for a 10-storey 203K SF building.
And in July, Marlet Property Group got planning permission to demolish neighbouring College House and the Screen Cinema and to build a 10-storey office building with café/restaurant units and a 500-seat entertainment venue.
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