Development Securities has bought a pair of Dublin properties for €16.1m (£12.8m).
The company acquired Donnybrook House, an office in Dublin 4, for €9m. The 1970s office has a net internal area of 43,000 sq ft with a further 10,000 sq ft of basement space. The property has planning permission for a complete refurbishment of office space and an extension and change of use of the ground floor offices to include retail and restaurant space and a basement gym.
DevSec also bought the Charlemont Clinic, a former private health clinic, for €7.1m. The purchase includes a 0.95-acre site with seven buildings with a net internal area of19,000 sq ft.
The property is located in Dublin 2 and has significant potential for redevelopment, according to a company statement.
Matthew Weiner, executive director at Development Securities, said: “The two acquisitions announced today represent strong buying opportunities in well-connected locations within the centre of Dublin. Both sites are vacant and in a state of obsolescence, offering options for redevelopment which will allow us to add value through the planning and regeneration process, and to bring these prominent locations back to life. We have already completed several transactions in the Dublin market, with notable acquisitions at Burlington House and Robswall. Our focus is on opportunities where we can create value through regeneration, complementing our UK development activity and expertise.”
