Hines puts €64.5m price tag on apartment complex for sale to Dublin City Council
CWTC Multi-Family ICAV, Hines' partner fund, is seeking a ten-year planning permission for the scheme, which includes a 13-storey apartment block.
There will be 268 studios, 282 one-bed apartments, 392 two-bed apartments, 132 three-bed units and 57 four-bed units.
We would like to have a permit by the middle of next year
The €64.57m indicative price 'for further discussion/agreement' puts an estimated value of €646.6m on the scheme.
Asked about a development timeline Brian Moran, a senior managing director at Hines Ireland, said earlier this week: 'All going well, we would like to have a permit by the middle of next year. Construction could commence as soon as possible after that.'
The planning documentation shows that the Hines entity is planning to sell 39 studios, 11 one bed-units and 63 two-bed to comply with the Part V obligations to provide 10pc of the overall scheme for social housing.
The range in indicative prices range from €717,843 for the two bed four-person units, €569,892 for one bedroom units and €360,266 for studios.
In a letter to the council, Mr Moran states that the information enclosed in the Part V pack 'will ultimately be subject to possible amendment and formal agreement with Dublin County Council'. It is only when planning permission is secured that two sides can enter negotiations on price.
A planning report prepared by architects Brady Shipman Martin lodged with the large-scale residential development (LRD) scheme states 'the proposed development has been designed to sit comfortably within its surrounds, minimising impact on adjacent developments and the protected structures'.
The architects state that a 'do nothing' scenario for the lands in the context of the ongoing housing shortage in Dublin 'is considered to represent an inefficient, uneconomical and socially sub-optimal use of the Holy Cross College lands'.
The non-technical summary of an Environmental Impact Assessment Report says that given the site's location, it is suitable for increased density and height.
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Irish Times
4 days ago
- Irish Times
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