Dublin City Council (DCC) has granted permission comprising 18,000 sq m of office space and 100 apartments at 5 Hanover Quay.
It is the second grant of planning permission since the area was designated a Strategic Development Zone (SDZ). In March, DCC also approved the construction of 9,300 sq m of office space and 58 apartments at 76 Sir John Rogerson's Quay, Dublin 2.
Funds managed by Los Angeles headquartered alternative investment manager, Oaktree Capital Management, L.P. (Oaktree), Irish-based property and construction organization Bennett Group, and NAMA have invested together in the South Docks Fund of Targeted Investment Opportunities plc (TIO plc) – an umbrella fund with segregated liability between sub-funds of which Oaktree Capital Management (UK) LLP is the Investment Manager and Bennett Property Limited is the Asset Advisor. TIO plc has been regulated by the Central Bank of Ireland since 2 July 2013. TIO plc submitted planning applications to DCC last December on behalf of the Fund.
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Savills Ireland and DTZ Sherry Fitzgerald have been appointed as letting agents for the schemes. Construction costs will be approximately €140m, it has been said.
Roland O'Connell, Chairman of Savills Ireland, and Ronan Corbett, Director at DTZ Sherry Fitzgerald, said: "Demand for office space in Dublin's Docklands is at an all-time high. Since December – when both planning applications were submitted to Dublin City Council – we have received numerous enquiries from both local and international office occupiers actively looking to establish or expand their presence in Dublin.
"This demand underpins the importance of the SDZ and the approval of both applications just four months after they were submitted is a very positive sign for future development."
(CD/JP)
