Buyers Sought For Stalled €90M Camden Yard Development
CBRE has brought the ill-fated Camden Yard development site to market for around €90M on behalf of the receivers as lenders attempt to recoup some of their investment in what was once considered one of Dublin’s most exciting mixed-use opportunities.
Originally envisioned as a major mixed-use development comprising office space, residential units and retail, the site was touted as one of the best redevelopment opportunities to have been offered for sale in the capital in years when it came to market in February 2019.
It occupies the former Dublin Institute of Technology Kevin Street campus situated just minutes from St Stephen’s Green.
In September 2019, Westridge Real Estate acquired the 3.6-acre site, paying €140M, a premium of more than 75% on the €80M price tag guided by Knight Frank when the agent offered the property to the market on behalf of DIT's successor, Technological University Dublin.
Developers Ronan Group Real Estate, Ballymore, Chartered Land and Marlet Property Group also made bids for the coveted site.
The original development plan included four Grade A office blocks totalling more than 600K SF, circa 300 apartments and around 7,500 SF of retail and dining space on the ground floor.
A further €65M was spent on excavation and construction on the project, which was estimated to have a gross development value of €475M, and the project developer targeted LEED Platinum and WELL Gold certifications.
Westridge's acquisition of the Kevin Street portfolio was backed by several New York-based high net worth family offices, and debt for the deal was provided by Fairfield Real Estate Finance and BentallGreenOak.
However, the onset of the pandemic not long after its purchase and subsequent turbulence in the financial and real estate markets led to the withdrawal of some of its key backers, and consequently, construction stalled in mid-2023, leaving the site partially completed.
In December, BentallGreenOak appointed Grant Thornton as receiver. Main contractor Bennett Construction initiated legal proceedings in January, claiming nearly €8M in unpaid fees, including a high court order to wind up the GA Development Fund, the entity charged with delivering Camden Yard.
