Developer Joe O’Reilly has acquired the landmark Hickeys site at Parkgate Street in Dublin, the Sunday Independent can reveal.
The Chartered Land and Castlethorn Construction chief has agreed to pay in excess of €30m for the property – a premium of 50pc on the €20m price agent Finnegan Menton had been guiding when they offered it for sale in an ‘off market’ placing last May.
Based on the site’s 1.65 acres (0.67 hectares) area, the €30m equates to a price of just under €18.2m per acre.
The site has been in use by Hickeys as a Wholesale Warehouse for over 40 years.
The existing buildings total 4,500 sq m of single-storey warehouse/wholesale buildings, stores and a two-storey former house/office building. The location, profile and accessibility of the site makes it an ideal location for a number of high-value alternative uses including residential, hotel or apart-hotel, a landmark office development or a mix of these uses.
All are in keeping with the site’s Objective Z5 zoning under the Dublin City Development Plan. The stated purpose of this zoning is “to sustain life within the centre of the city through intensive mixed-use development”.
The plan also identifies Heuston Station and its environs as a Strategic Development Regeneration Area (SDRA). The area known as the ‘Heuston Gateway’ is identified as a western counterpoint to the Docklands, offering the potential for buildings of over 50 metres (16 storeys) in height.
The area surrounding the Hickeys site has seen a number of major developments in recent years including Heuston South Quarter (Eir Headquarters), the new Criminal Courts of Justice, and Kennedy Wilson’s Clancy Quay Private Rented Sector (PRS) residential offering at Islandbridge. Diageo (Guinness) is to develop a major mixed-use scheme known as St James’s Quarter on a 12.6 acre portion of its St James’s Gate premises.