for sale | ireland’s largest co-living development
TRANSCRIPT
CORK STREET SHARED LIVINGTHE LIBERTIES | DUBLIN 8
For Sale | Ireland’s largest Co-Living Development Opportunity
Full Planning Permission for 378-bedroom shared
living scheme
www.corkstreetsharedliving.ie
North Docklands Grand Canal Docks
Trinity College
Temple BarSt. Stephen’s GreenGrafton Street
Guiness Storehouse
Weaver Park
CO
RK
STR
EET
R IVER LIFFEY
Christchurch
Jervis Street Shopping Centre
Newmarket Square Development
CORK STREET SHARED LIVING
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CORK STREET SHARED LIVINGTHE LIBERTIES | DUBLIN 8
ASSET SUMMARY
Unique development opportunity for Ireland’s largest
Co-Living Scheme
Full planning permission for the 378 no. bed Shared Living Development
(Ref: 308162)
Development will include a large
offering of amenity space for residents
The development has potential to deliver
a substantial amount of ancillary income
Centrally located in Dublin 8, just
1 km west of St. Stephen’s Green
Well connected to a number of different public transport routes
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SWORDS
DUBLINAIRPORT
DUBLINCITY CENTRE
Dawson St
Proposed Alignment
Rail (DART, Commuter & Intercity)
Luas Red Line
Luas Green Line
Luas Cross City
Bridges
Possible Stations
M50
M50
M50
M50
M1
UCD
St Stephen’sGreen
HeustonStation
Connolly StationBusárasBus Station
All Trains toM3 Parkway
�
All Trains to Sligo
�
All Trains to Rosslare
�
All Trains to Belfast
�
ConnollyHospital
Institute ofTechnology
Blanchardstown
Draiocht Arts
Centre
Blanchardstown
Town Centre
WestpointBusiness Park
DamastownIndustrial Park
DublinZoo
Henry StRetail Area
TrinityCollege
St VincentsHospital
RTEMontrose
RDS
MaterHospital
CrokePark
St. Patrick’sCollege
Dublin CityUniversity
North RingBusiness Park
PavilionsShopping
Centre
SwordsBusiness
Park
Harold’s CrossGreyhound
Stadium
TallaghtShopping
Centre
Cookstown / TallaghtIndustrial Area
BeaumontHospital
ArtaneShopping
Centre
Clare HallShopping
Centre
DonaghmedeShopping
Centre
St James’sHospital
Temple Bar
NationalAquaticCentre
Royal Canal
Grand CanalG
rafto
nSt
MARLFIELD
KINGSTOWN CROSS
ROADS
DARDISTOWN
SKEPHUBBLE
SAINT DOOLAGHS
SUMMERTON
FELTRIM
GALLOPING GREEN
DUNSINK
BELCAMP
FORREST GREAT
BALLYMOUNT
SEA MOUNT
DRUMLECK
KINGSWOOD
BALLYCORDEN
BELGARD
WHITECHURCH
MULHUDDART
LUTTRELL’S CROSS
ROADS
CHAPELMIDWAY
WILLIAMSVILLE
ABBOTSTOWN
CAPPOGE
DOLLYMOUNT
SAINT MARGARET’S
FORT BRIDGE
WOODLANDS
WARD
WOODTOWN
KILLEEK
ROCKBROOK
AYLESBURY
BELMAYNE
GRATTAN LODGE
KINSEALEY
BALGRIFFIN
CLOGHRAN
BOHERNABREENA
NEWTOWN CROSS
WARD CROSS
KILCOSCAN
WHITESTOWN
LITTLEPACE
TYRRELSTOWN
PERRYSTOWN
BALLYROAN
RATHMINES
DEANS GRANGE
DRUMCONDRA
BALLSBRIDGE
PHIBSBOROUGH
IRISHTOWN
CHAPELIZOD
KILL OF THE GRANGE
FINGLAS
CLONSILLA
BOOTERSTOWN
CABRA
ARTANE
BALLYFERMOT
STILLORGAN
CLONTARF
LEOPARDSTOWN
MARINO
ISLANDBRIDGE
MILLTOWN
RAHENY
SANDYMOUNT
CASTLEKNOCK
RATHFARNHAM
CABINTEELY
DALKEY
MONKSTOWN
FOXROCK
RINGSEND
WALKINSTOWN
DRIMNAGH
SANDYFORD
PALMERSTOWN
BEAUMONT
BALLINTEER
WINDY ARBOUR
GLASNEVIN
BALLYBODEN
RATHGAR
CORNELSCOURT
CHURCHTOWN
EAST WALL
KILLESTER
DONAGHMEDE
CLONGRIFFIN
BAYSIDE
BALDOYLE
KNOCKLYON
PORTOBELLO
DOCKLANDS
THE LIBERTIES THE COOMBE
CoombeWomensHospital
St. Patrick’sCathedral
GuinnessBrewery
GuinnessStorehouse
KIMMAGE
STONEYBATTER
SMITHFIELD
CRUMLIN
KILMAINHAM
KILLINEY
INCHICORE
DONNYBROOK
RANELAGH
HAROLD'S CROSS
GOATSTOWN
SALLYNOGGIN
DOLPHIN'S BARN
COOLOCK
SUTTON
SEABROOK MANOR
FAIRVIEW
DONNYCARNEY
WHITEHALL
PORTMARNOCK
FIRHOUSE
BLUEBELL
CLONSKEAGH
BALLYOGAN
TERENURE
MOUNT MERRION
BALLYMUN
KILBARRACK
TEMPLEOGUE
KILBRIDE
SANTRY
Phoenix Park
ONGAR
VILLAGE
LUCAN
MALAHIDE
DUNDRUM
HOWTH
BLACKROCK
SWORDS
CLONDALKIN
BLANCHARDSTOWN
TALLAGHT
DÚN LAOGHAIRE
RIALTO
PORTMARNOCK
DRYNAM HALL
RIDGEWOOD
LISSENHALL
SEATOWN PARK
APPLEWOOD
BALROTHERY
NEWBRIDGE DEMENSE
DONABATE
PORTRANE
ROGERSTOWN ESTUARY
KILSALLAGHAN
Clonsilla
Coolmine
Castleknock
Navan Road Parkway
Ashtown
Broombridge
Drumcondra
Tara Street
Pearse
GrandCanal Dock
Landsdowne Rd
Sandymount
SydneyParade
Booterstown
Blackrock
Seapoint
Salthill &Monkstown
Dún Laoghaire
Sandycove& Glasthule
Glenagery
Dalkey
Clondalkin
Cherry Orchard& Parkwest
Clontarf Road
Killester
Harmonstown
Raheney
Kilbarrack
Howth Junction BaysideSutton
Howth
Portmarnock
Malahide
3 ArenaSpencer Dock
Mayor SquareGeorge’s Dock
Abbey Street
JervisMuseum
Four courts
Heuston
Smithfield
James’s
FatimaRialto
Harcourt
UCD
Blanchardstown
Tallaght
Station
Suir Road
Golden BrigdeDrimnagh
Black Horse
Bluebell
Kylemore
Cabra
Phibsborough
Grangegorman
Broadstone/DIT
Dominick St.
Parnell St.
M50
M1
M50
CORK STREET SHARED LIVING
Luas Green Line Luas Red Line Train Line
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CO R K ST R E E T
tC ITY CENTRE
TO M50 u
Cork Street Shared Living, located in The Liberties in Dublin 8, has witnessed a significant influx of development capital in recent years. Many parts of the immediate area have undergone substantial regeneration, which has greatly benefitted the entire Liberties. The subject property is perched neatly within Dublin City Centre and is located approx. 1 km west of St Stephens Green, making this an ideal Co - Living location.
Public transport links to the site are considerably strong. The asset is located just 1.5 km south east of Heuston Station, Ireland’s primary railway station. Heuston Station provides for both intercity and commuter services throughout the country, as well as a Red Line Luas Stop. Access to the Green Luas Line is located at St Stephens Green, approx. 1 km west of the site. There are several Dublin Bus Routes which service Cork Street, with a bus stop located adjacent to the subject property.
The confidence within the area is underpinned by some exceptional regeneration projects, namely the upcoming Guinness Quarter Project at St James’s Gate. Within the immediate area of Cork Street, there are a number of large-scale developments undergoing construction, which highlights the growth in confidence from investors within the immediate vicinity.
LOCATION
CORK STREET SHARED LIVING
Weaver Park
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This prime city centre development asset comprises of a brownfield site extending to approx. 0.45 ha (1.10 acre). The site is of an irregular shape and comprises a mixture of derelict buildings known as The Old Glass Factory and 113-122 Cork Street, Dublin 8. The property has excellent
profile and benefits from approx. 35 m of frontage onto Cork Street. The adjoining land uses include a four-storey residential block to the west of the site, a garden centre to the south west and a mixture of low density commercial and residential property to its east.
DESCRIPTION
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The subject site has full planning permission for the development of 378 no. bed spaces shared living facility across 372 units (Ref: 308162) and comes with the benefit of full vacant possession. The proposed development comprises 7 storeys over basement level and it will comprise rooms ranging in size between 17 – 36 sq m (183 – 388 sq ft). The proposed scheme also includes an abundance of amenity space at ground floor level including a communal lounge / social room, a multipurpose room, a private function room, a cinema and yoga space, a gym and workspace area. The full planning pack is available to download in our data room.
There is a substantial amount of ancillary income to be generated on the lower ground floor area which extends to 1,336 sq m (14,380 sq ft). The area is suitable to an abundance of uses in accordance with Condition 2 of the planning consent (308162).
The subject development is also suitable to the cost - efficient modular construction build.
SCHEDULE OF ACCOMMODATION
Unit Type Number of units
Size Sq Ft
Size Sq M
Type A (Typical) 247 191 18Type A1 (1250mm Window) 37 191 18Type A2 (Extended Width) 5 258 24Type A3 38 191 18Type A4 6 214 20Type A5 5 201 19Type A6 15 183 17Type B (Square Room) 5 191 18Type B (Square - End) 1 186 17Type C (DAC) 7 312 29Type D (Double) 6 388 36
Total 372 (378 Bed spaces)
THEOPPORTUNITY
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Rise in Dublin office reserved space
In Q2 2021, the Dublin office market witnessed a rapid increase in reserved space. A total of 46,350 sq m was reserved in the three months, a notable rise from under 20,000 sq m in the opening quarter. This brings total reserved space in the market to 86,450 sq m, the highest level in Cushman & Wakefield’s series since Q1 2020.
Although there is still some way for the market to go in order to reach full pre-COVID-19 levels of activity, the second consecutive quarter rise in reserved office space solidifies the turn in market sentiment which was remarked upon in the opening quarter.
Tenant requirement tracker trending higher
Cushman & Wakefield compile a live tenant demand tracker, keeping account of all active and on hold requirements in the market at present. This tracker acts almost as a sentiment index for the market. Since the start of 2021 we have seen the volume of active requirements rise, with a total of 460,300 sq m of active requirements as of July 2021. This rise places the market in a good position heading into the second half of 2021. Although take up is expected to remain low, this tracker would indicate the rise in activity from a reserved perspective should continue.
DUBLIN’S RETURN TO THE OFFICE
Dublin Office Reserved Space, Q2 2018 – Q2 2021
Source: Cushman & Wakefield Research
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Proportion of Irish population vaccinated
According to the latest data by non-profit organisation, Our World in Data, Ireland is both a European leader and world leader in COVID-19 vaccination rates. As of the 18th August 2021, 72% of people were vaccinated against COVID-19. This can be broken down as 64% of those are fully vaccinated while 8% are partly vaccinated.
Additionally, according to a survey from Eurofound, people in Ireland are the most willing among European Union member states to take the Covid-19 vaccine. When asked about their intentions to take the vaccine 86.5% of those surveyed in Ireland said they were “very likely” or “rather likely” to take the vaccine.
Rising reserved space and the tenant demand tracker trending higher paint a positive picture for the Dublin office market. Combined with this, the strong Irish administration rate of the COVID-19 vaccine and the attitude towards vaccine inoculation, all bode well for occupiers and employers alike for the return to the office movement.
Source: Cushman & Wakefield Research / Our World in Data
Fully Vaccinated People (per 100) - Europe
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Co - Living is a multifamily model where residents share the common areas of units such as living rooms and kitchens while retaining their private personal spaces. Co- Living occupies a unique position in the multifamily ecosystem by offering Class A quality builds and locations with the affordability of workforce housing. Typically, shared living assets are holding rents in excess of 20% over the average Class A studio rents in comparable international markets. There are several indicators from the different Co – Living markets which show that there is continued demand from the target demographic despite the ongoing pandemic. Schemes which are centrally located and are amenity rich have proven to be the most successful developments.
THE CO-LIVINGCONCEPT
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TOWN PLANNING
The property is situated in an area within the Dublin City Development Plan 2016-2022. Under the development plan, the majority of the property is zoned ‘Z4 – District Centres’ which is defined as “To provide for and improve mixed services facilities.” The remaining portion of the property is zoned ‘Z6 – Industrial, Enterprise & Employment’ which is defined as “To provide for the creation and protection of enterprise and facilitate opportunities for employment creation."
DEVELOPMENT MANAGER
Eoin Conway & Associates8 Fitzwilliam SquareDublin 2
EOIN CONWAY [email protected]: + 353 1 6314505
ARCHITECT
John Fleming ArchitectsThe Tree House, 17 Richview Office Park, Clonskeagh, Dublin 14
CONOR DALY [email protected] Tel: +353 1 668 9888
ENGINEERS
Waterman Moylan Consulting Engineers Block SEast Point Business Park Alfie Byrne Road Dublin 3
EMMA [email protected]
NIALL [email protected] Tel: +353 1 664 8900
PLANNERS
Thornton O’Connor Town Planning1 Kilmacud Road Upper, Dundrum,Dublin 14
PATRICIA [email protected] Tel: +353 1 205 1490
CO R K ST R E E T
EOIN | CONWAY & AssociatesCommercial Valuation Surveyors & ArbitratorsAsset and Development Managers
EOIN | CONWAY & AssociatesCommercial Valuation Surveyors & ArbitratorsAsset and Development Managers
CORK STREET SHARED LIVING
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JOINT AGENTS
164 Shelbourne RoadDublin 4Tel+ 353 1 6399300
BRENDAN [email protected]: + 353 1 6399 300
PAUL [email protected]: + 353 1 6399 320
19-26 Pembroke Street Lower Dublin 2Tel: +353 1 633 3700
RICHARD BIELENBERG [email protected] Tel: + 353 1 633 3737
JOHN [email protected] Tel: + 353 1 633 3755
TITLEThe property is held under a freehold title
METHOD OF SALEFor Sale by Private Treaty
SERVICESWe understand all public services are available to the property
WEBSITE & DATA ROOMwww.corkstreetsharedliving.ie
STRATEGIC HOUSING DEVELOPMENT (SHD) WEBSITEwww.corkstreetsharedliving.com
VIEWINGBy appointment with either of the joint selling agent only
BER
Exempt
A full copy of our general brochure conditions can be viewed on our website at https://property.cushwake.ie/disclaimer, or can be requested from your local Cushman & Wakefield office. We strongly recommend that you familiarise yourself with these general conditions. While care has been taken to ensure that information contained in Cushman & Wakefield publications is correct at the time of publication, changes in circumstances after the time of publication may impact on the accuracy of this information.
Cushman Wakefield PSRA No.: 002222 | Colliers PRSA No.: 001223
SOLICITORS
Mark A Quinn SOLICITORS
7 Orby Chambers, Coke Lane, Smithfield, Dublin 7
MARK A [email protected]: +353 1 8786363
CORK STREET SHARED LIVING