14 Oct 2013 07:00
14th October 2013
Development Securities acquires mixed-use development site in Dublin for €2.4 million
Development Securities today announces that is has acquired a 0.25-acre, derelict site, in one of Dublin's prime residential locations for €2.4 million. The site has planning permission for a mixed-use development comprising twelve high quality apartments, 4,700 sq. ft. of restaurant and retail space and 6,500 sq. ft. of office space. Capital expenditure of €5.0 million is required to develop the scheme which will be delivered in a 50:50 joint venture with a local partner and funded through a mixture of equity and bank debt. A start on site is anticipated in Q1 2014 and practical completion is expected in Q4 2014.
Matthew Weiner, Executive Director, Development Securities said: "This well-located site in a sought after area of Dublin benefits from existing planning consent which will allow us to deliver the development in the near-term. With increasing gains having been generated across our portfolio over the past couple of years, we are now seeking to recycle an element of our capital into new real estate opportunities where we can add value through regeneration. Whilst Dublin represents a new territory for us, we are working in conjunction with a strong local partner and our initial investment here builds on our experience in securing real estate loan portfolios over the last few years. We are considering modest further investments in Dublin, an international capital which offers an attractive risk/return profile."
For further information, please contact:
Matthew Weiner/Lucy Grimble, Development Securities
020 7828 4777