Greystar in €175m deal for Dublin Landings portfolio of apartments
Developer Sean Mulryan's Ballymore is in exclusive talks with US property giant Greystar for the sale of the 268 luxury apartments at Dublin Landings, the million square foot mixed-use development Ballymore is delivering in partnership with Oxley in the Dublin Docklands.
The Irish Independent understands the parties are currently working towards agreeing heads of terms on a deal, which would see Greystar acquire the portfolio for a figure in the region of €175m.
Upwards of a dozen parties are understood to have expressed an interest in the exclusive private rented sector (PRS) scheme when it was brought to the market last October by selling agent Savills Ireland.
The 268 units at Ballymore's 'Dublin Landings Residential' will, upon completion, comprise 82 one-bed, 146 two-bed, and 31 three-bed apartments, in addition to nine three-bed duplexes. The scheme, the first phase of which is due to be completed in September 2019, will include numerous on-site resident amenities including a concierge service, landscaped gardens, a private gym, business lounges and 210 basement parking spaces.
All told, the 'Dublin Landings' waterfront regeneration project is set to extend to 100,000 sq m (1,076,391 sq ft) of office, residential and retail/leisure accommodation, of which 22,019 sq m (237,000 sq ft) will be residential accommodation. The scheme occupies a pivotal position within the Dublin Docklands, immediately adjacent to the Central Bank's headquarters on North Wall Quay.
While over 40,000 people already work in the immediate area across the banking, financial, legal and other service sectors, that figure is set to grow significantly over the coming decade, making the Dublin Landings Residential portfolio an especially attractive proposition for Greystar.
An additional 186,000 sq m (two million sq ft) of office space is scheduled to be delivered in the Dublin Docklands by 2021 alone, which would equate to over 15,000 additional people working in the area.
And while Greystar's acquisition of the Dublin Landings Residential portfolio looks set to be a coup for Ballymore and Oxley, it may well prove to have a wider significance for Dublin and Ireland's fast-growing build-to-rent (BTR) market.
Since entering the UK market in 2013, for example, Greystar has built up a portfolio of more than 32,000 units comprising both private rental sector units and student accommodation.