Dublin developer Sean Dunne has extended the development potential of his Ballsbridge, Dublin, sites with the acquisition of a neighbouring office block in a €130m (£88.4m) swap with Irish Life.
Hume House has a floor area of 80,000 sq ft but its 0.6-acre site is next to the 7.16-acres of Jurys Doyle Hotel sites which Dunne acquired last year for a combined £263m.
By extending Dunne’s road frontage along Pembroke Road, the Hume site will also enhance Dunne’s ambitions to develop a mixed-use ‘Knightsbridge of Dublin’ development in Ballsbridge.
It has been reported that Dunne’s Jurys deals precluded him from incorporating a hotel in his redevelopment of those sites.
However the acquisition of Hume House would allow him to develop an upmarket hotel which would also enhance the condomium potential of the site which is the heart of Dublin’s embassy belt.
As part of the deal, the Irish Life, which operates a number of property funds in Ireland and the UK, will acquire a larger 133,000 sq ft office block which Dunne is building at Grand Canal Docks, Dublin.
Hume House is a multi-let property accommodating both private and public sector tenants.
On the basis of the €130m (£88m) valuation, the deal suggests that development land in Ballsbridge has reached a new record of €195m (£132.6m) per acre.
References: EGi News 11/08/06
