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QRE advises Goldwing on acquisition of last waterfront site in north docklands

Donal Buckley - Irish Independent 9th May 2019

Donal Buckley - Irish Independent 9th May 2019

Goldwing Real Estate Developments, a joint venture between developer Paddy McKillen Jnr's Oakmount and Derek McGrath's Core Capital, has paid more than €10 million to Arthur Molloy and Mick Sherry to acquire 73 North Wall Quay, Dublin. The deal was brokered by Conor Whelan of QRE Real Estate Advisors.

The last remaining waterfront site in the north docklands, it has planning permission for 24,886 sq ft of net lettable accommodation over nine floors, of which 23,100 sq ft is for office accommodation while two ground floor units will suit retail or cafe use. Additional basement space will accommodate building services.

As part of the planning permission, the new building will maintain original structures at ground- and first-floor levels, while adding an additional seven storeys of modern accommodation at upper levels, which will enjoy views over the river and across the Dublin docklands.

It is located adjacent to the headquarters of the Central Bank and the Dublin Landings site, where the NTMA and WeWork are taking offices.

It is understood that the new owners intend to commence construction as soon as possible, with industry sources stating that the offices could command rents of about €60 per sq ft.

Other Goldwing projects include the renovation and extension of the former New Ireland Assurance offices on Dawson Street, which will extend to about 100,000 sq ft and comprise mainly offices, with retail at ground-floor level. Goldwing also developed The Lennox office building on South Richmond Street, which has been leased to Iconic Offices. It was recently sold for about €25.5m.

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May 2019