U+I to redevelop Donnybrook and Sandyford sites
British property group U+I has secured planning permission for the redevelopment of two sites in South Dublin.
Up to 147 homes, 60,000 sq ft of commercial space, as well as retail and restaurant space will be built at the two locations; Donnybrook House in Dublin 4, and The Avenue in Sandyford.
Construction at Donnybrook House will begin in October with an end value of €45m, while work will begin on The Avenue site in the second quarter of next year – with an end value of €55m for the site.
Originally purchased by U+I in 2014, Donnybrook House is a 1970s office building in Dublin 4 that has been empty for a number of years.
It will be completely refurbished, with the ground floor offices being converted, providing 45,000 sq ft of offices, 2,000 sq ft of retail, 4,000 sq ft of restaurants, and a basement gym of 20,000 sq ft.
Meanwhile, The Avenue, Sandyford – which was formerly known as the Avid Building – was purchased by U+I last year.
The location occupies a two-acre site comprising 42,000 sq ft of office and warehouse space.
It will be redeveloped into a new mixed-use community, providing 147 new apartments and around 10,000 sq ft of commercial space.
Commenting on the planning announcement, U+I CEO Matthew Weiner said: “We have been active in Dublin for nearly three years, and we believe it offers significant opportunities to deliver value through our mixed-use regeneration activities.
“Whilst the EU referendum has created uncertainties for the real estate industry, Dublin remains one of our three core markets as an international capital that has the liquidity, talent and depth to sustain development and investment opportunities over the long-term.”