Glenveagh Properties has sold a 4.6 acre residential and hotel site at Castleforbes Business Park in Dublin’s Central Business District to Eagle Street for €78.5 million.
The Castleforbes site, which benefit from full planning permissions, is capable of delivering 702 residential apartments and a 219 keys hotel in Dublin’s CBD, which has seen significant development over the past decade.
Eagle Street said the transaction is expected to be completed in Q4 2021 and has a gross development value in excess of €500 million in respect of the residential and hotel components.
”The Castleforbes site is well known to Eagle Street’s founders, Mr. Justin Bickle and Mr. Shane Scully, having acquired them in an off-market transaction while at Glenveagh in 2018. Glenveagh has since obtained full planning permissions for the sites and completed significant value engineering and detailed design works, bringing the sites closer to delivery,” said the company in a press release.
Speaking on the transaction CEO Shane Scully said: “This significant deal represents the rollout of our PRS business strategy in Ireland. In recent months we have had a number of approaches concerning similar opportunities, and we are eager to explore avenues, alongside our cornerstone investors, that will allow us to transform sites like Castleforbes into vibrant, high-quality residential and commercial spaces of the kind needed in Ireland at present.”