Development Securities spends €16.1m on Dublin projects

U+I

Development Securities, the British listed property fund, has spent €16.1 million acquiring Donnybrook House in Dublin 4 and the Charlemont Clinic in Dublin 2.

It spent €9 million acquiring Donnybrook House on a 0.9 acre site which has planning permission to be refurbished as a mixed use retail, office, restaurant and basement gym development.

Development Securities said in a statement it planned to begin redeveloping the Dublin 4 property in the second quarter of 2015. It plans to spend €8 million on renovation works to ensure the building is ready to occupied by 2016.

The company has also announced the acquisition of the Charlemont Clinic along the Grand Canal for €7.1 million.

The company said it was considering its options for the 0.95 acre site which could be suitable for redevelopment as a hotel or offices or residential.

Matthew Weiner, executive director of Development Securities, described yesterday’s acquisition as part of its “long term strategy within the Dublin market”.

“We have been active in Dublin since 2012, having already completed several acquisitions, most notably at Burlington House [Dublin 4] and Robswall [a residential project in Malahide].

“We believe Dublin is a great place for us to do business as it is a market that is returning to growth and liquidity,” he said. “We look forward to exploring further opportunities.”

The acquisition of Donnybrook House and Charlemont Clinic is the first time Development Securities has embarked on a project in Dublin without partners.

Its largest project is the building of a new high-spec office at Burlington House which it is developing in conjunction with developers Paddy McKillen and Johnny Ronan as well as American investment fund Colony Capital.

“The gross development value of what we are doing in Ireland will be about €300 million,” Mr Weiner said. “It feels like we have our flag in the ground now.”

Mr Weiner said Development Securities was having a positive experience working with Irish developers like Mr McKillen and Mr Ronan on developing Burlington House.

“Johnny is an excellent office developer,” he said, “while Paddy has an excellent feel for finish. We are very happy to be working with both of them.”

Source: Irish Times

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