UK property group U+I has secured planning permission for the redevelopment of two sites in south Dublin, Donnybrook House and “The Avenue” in Sandyford.
The two developments will deliver a combined 147 new homes, more than 60,000 square feet of new commercial space, and retail and restaurant units.
Construction at Donnybrook House will begin in October 2016 with a value on completion of €45 million while work will begin on The Avenue site (formerly known as the Avid Building) in the second quarter of 2017 with an end value of €55 million.
Originally purchased by U+I in 2014 for €9 million, Donnybrook House is a 1970s office building in Dublin 4 that has been empty for a number of years.
U+I has secured permission for a complete refurbishment of the building that will provide 45,000 sq ft of offices, 2,000 sq ft of retail, 4,000 sq ft of restaurants, and a basement gym of 20,000 sq ft.
The Avenue was purchased by U+I in 2015 for €6 million and occupies a two-acre site, comprising 42,000 sq ft of office and warehouse space.
Permission has been secured to redevelop the site to provide for around 147 new apartments and about 10,000 sq ft of commercial space. The site is located close to two LUAS tram stops in Sandyford, which link directly to the city centre.
Commenting on these developments, Matthew Weiner, U+I's chief executive, said: "We are delighted to have secured planning permission for two further developments in Dublin which both underline our focus as a business: unlocking the potential of sites to create long-term socio economic value for the communities in which we work.
“We have been active in Dublin for nearly three years, and we believe it offers significant opportunities to deliver value through our mixed-use regeneration activities. Whilst the [UK’S] EU referendum [exit] has created uncertainties for the real estate industry, Dublin remains one of our three core markets as an international capital that has the liquidity, talent and depth to sustain development and investment opportunities over the long-term.”
Listed in the UK, U+I has a £4 billion portfolio of mixed-use, regeneration projects in the London, Manchester and Dublin regions.
