Planning approved for new developments at Hanover Quay and Sir John Rogerson’s Quay.
Dublin City Council (DCC) has granted planning permission for a development comprising office space and 100 apartments at 5 Hanover Quay, Dublin 2. It is the second grant of planning permission since the area was designated a strategic development zone (SDZ).
Funds managed by Los Angeles headquartered alternative investment manager, Oaktree Capital Management, Irish-based property and construction organisation Bennett Group, and NAMA have invested together in the South Docks Fund of Targeted Investment Opportunities (TIO) plc, an umbrella fund with segregated liability between sub-funds.
Combined, the end-value of the developments will be approximately €450m. Upon completion, they will accommodate up to 2,400 workers and 158 apartments. Savills Ireland and DTZ Sherry Fitzgerald have been appointed as letting agents for the schemes. Construction costs will be approximately €140m.
Justin Bickle, chairman of TIO plc and managing director of Oaktree commented: “We are delighted with the decision by DCC to grant planning approval for TIO plc at 5-6 Hanover Quay and 76 Sir John Rogerson’s Quay in the Silicon Docks. 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. We now look forward to bringing these plans to life and ensuring the area remains a thriving hub for foreign direct investment.”
The properties subject to the approved planning applications are:
- 76 Sir John Rogerson’s Quay, Dublin 2
- 5 Hanover Quay, Grand Canal Dock, Dublin 2
76 Sir John Rogerson’s Quay, Dublin 2
9,300 sq. m of office space and 58 one, two and three-bedroom apartments located above ground level. Separate office, retail and café units will be located at ground floor level offering active frontage onto the future Chocolate Park, which is due to open next summer. The Park – which is situated between Hanover Quay and Sir John Rogerson’s Quay – will provide a new leisure space for workers and residents at Grand Canal Dock.
5 Hanover Quay, Grand Canal Dock, Dublin 2
18,000 sq. m of office space and 100 one, two and three-bedroom apartments 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 Chocolate Park.