A SECOND MAJOR development is on its way to Dublin’s docklands area.
After the news that a “visionary” new development is planned for Sir Rogerson’s Quay comes the news that Dublin City Council (DCC) has granted planning permission for a second development at 5 Hanover Quay, Dublin 2.
Reveal Developments
It will have 18,000 sq m of office space and 100 apartments, and is the second grant of planning permission since the area was designated a Strategic Development Zone (SDZ).
Construction costs will be approximately €140m.
Together, the two developments are branded as the Reveal Developments, They will be worth approximately a combined €450m and when finished, they will hold up to 2,400 workers and 158 apartments.
The planning applications were submitted to DCC by Targeted Investment Opportunities plc (TIO) on behalf of the South Docks Fund.
This umbrella fund includes monies managed by Los Angeles headquartered alternative investment manager, Oaktree Capital Management, LP, Irish-based property and construction organisation Bennett Group and NAMA.
Savills Ireland and DTZ Sherry Fitzgerald have been appointed as letting agents for the schemes.
Justin Bickle, Chairman of TIO plc and Managing Director of Oaktree said:
The purpose of designating the area an SDZ was to facilitate fast track planning applications for much-needed commercial and residential development – this proves that the system is working well in practice.
Roland O’Connell, Chairman of Savills Ireland and Ronan Corbett, Director, DTZ Sherry Fitzgerald said that demand for office space in Dublin’s Docklands “is at an all-time high”.
The development will include a park situated between Hanover Quay and Sir John Rogerson’s Quay.
Alongside the office space, 5 Hanover Quay will have 100 one-, two- and three-bedroom apartments. These will be built in the form of a u-shaped block connected to the eastern side of the office building.
At ground floor level, there will be a mix of leisure, café, retail and own door office units.
The residential element of the building will also have prime views towards Grand Canal and the future so-called Chocolate Park.
Chocolate Park was first mooted in 2006, inspired by Willy Wonka and the Chocolate Factory by Roald Dahl.
Last summer, the Independent reported that half Chocolate Park was due to be landscaped by this summer.
However, it’s not known if the Willy Wonka theme would still be included.
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