Agent CBRE has been instructed to sell the 2.5 acre site which offers the opportunity to develop a brand new urban quarter in Dublin.
Technological University Dublin and Grangegorman Development Agency have hired broker CBRE to market the Aungier Street campus for a guide price of €110 mln.
The centrally-located asset is the most prominent city centre development site to be offered to the market in Dublin in the last 12 months. The site extends to 2.5 acres and offers the potential to provide for a mix of uses including offices, retail, residential, hotel & student accommodation.
Feasibility studies undertaken by O’Mahony Pike Architects provides three potential development options for Aungier Street, outlining the possibility for a purely commercial and a mixed use scheme comprising offices and apartments catered for the PRS market. The office scheme extends to 60,390 m2, while the mixed use options provide for a range of office space from 38,580 – 41,860 m2 as well as 152 apartment units suited to the PRS Market.
The existing buildings on site range in height from 4-5 storeys above basement extending to 25,833 m2 in total and were developed in phases between 1989 & 2004. The building accommodates 5,000 students at present.
The move by TU Dublin to dispose of the asset forms part of its plan to relocate its entire student body and faculty to its new centralised campus at Grangegorman in Dublin 7.
While the university is set to welcome 10,000 students and staff to Grangegorman from this September, the 29.5 hectare (73 acre) site will ultimately come to accommodate more than 20,000 students and 2,500 staff.
Peter Garrigan, director, head of development, Dublin, Ireland commented: ‘D2HQ represents one of the most attractive mixed-use development sites in Dublin City and is in prime position to provide for a host of uses. With St. Stephen’s Green on the doorstep and the Luas in close proximity, the site is well catered for in terms of transport and local amenities, in an already well-established commercial location.
'We expect to see considerable interest from a range of interested parties for D2HQ given the scale and development potential to provide for a brand-new urban quarter in Dublin 2.’