AN APARTMENT BLOCK set to be completed in 2020 has gone on the market with a guide price of €52.5 million.
Situated on Sir John Rogerson’s Quay in Dublin’s Grand Canal Dock, the 11-storey Benson Building will have 72 residential units, two ground floor retail units, a private residents’ recreation room that could be used as a gym, a concierge foyer and underground parking with 72 spaces.
In a statement, Savills said that despite the south Docklands area accommodating office space where around 20,000 employees worked, there were only 2,500 units of existing residential accommodation in the area.
It added that while the pipeline for further office development would bring over 10,000 more workers to the area, the current pipeline for new residential properties only stood at 665 units in the pre-planning, planning or construction phase.
“Upon completion, the Benson Building will account for approximately 11% of new residential supply in Dublin’s south Docklands,” Savills said.
With annual rent growth of 10.8% in the area in 2017, and 5% on average so far this year, it said this was a “prime private rented sector opportunity”.
The estimated current rental value per year is around €2.9 million.
Savills said: “Cumulatively, this represents stronger average rental growth than that of the Dublin market as a whole and demonstrates the demand for private rented accommodation in this neighbourhood.”
The property will be situated close to the offices of global tech giants such as Google, Facebook and LinkedIn, the offices of leading law firms and within walking distance of landmarks such as the 3 Arena, the Convention Centre and the Aviva Stadium.
Owen Reilly, who announced the sale alongside Savills, said: “In a neighbourhood where multinational employers are constantly expanding and hiring young professional tenant, frequently from abroad, [it] creates a compelling case for strong rental demand into the future.”
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