PRIME WATERFRONT DEVELOPMENT OPPORTUNITY
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P R I M E W AT E R F R O N T
DEVELOPMENT OPPORTUNITY
(SPP)
1-6 City Quay
01 06
The Highlights Site Analysis
P. 02 P. 14
02 07
Introduction Feasibility Study
P. 04 P. 16
03 08
The Location Economic Overview
P. 06 P. 26
04 09
Accessibility Contacts
P. 10 & Further
Information
P. 30
05
Local Occupiers
P. 12
1-6 City Quay 02 03
Strong Underlying Economic Factors Continued Population Growth
22,100
Ireland is ranked Ireland is ranked
Dublin’s population increased by
3rd in the 2nd in the
World
for attracting high value
World
for job creation per people between 2019 and
investment projects million inhabitants 2020 an increase of 1.6%.
Employment A Transport Hub
In net terms, Despite the pandemic, office-based
443,000
employment in the ICT and FIRE sectors grew by
jobs have been created since
the low point in Q1 2012
4.1% & 2.0%
respectively, over the course of 2020
Dart
3 minutes walk
Dublin Bikes
1 minute walk
Bus
3 minutes walk
Prime Office Rents Office Pipeline Stock
Luas Dublin Port Dublin Airport
€57.50-€60 per sq. ft.
62%
of pipeline stock due in 2021
8 minutes walk 10 minutes drive 20 minutes drive
is already taken.
1-6 City Quay 04 05
An Exciting
Development
Opportunity
Savills is pleased to present 1-6 City
Quay, approximately 0.22 hectares
(0.55 acres) in one of Dublin’s most
prominent and noteworthy waterfront
settings, offering investors an unrivalled
development opportunity to deliver a
high-scale office scheme in a tested
and proven CBD office location.
RKD Architects have prepared a
detailed feasibility study, demonstrating
the potential to construct a new office
development, extending to approx.
13,248 sq. m. (142,601 sq. ft.). A copy of
this document is available within the
dedicated data site.
This sale also offers the opportunity
to acquire one of the last undeveloped
waterfront sites in Dublin City Centre. Computer Generated
Image of Potential Scheme
1-6 City Quay 06 07
1-6 City Quay is
situated in the
highly accessible
South Docklands,
benefiting from
several transport
links within the
immediate vicinity.
1-6 City Quay is bounded by streets
on three sides: with City Quay to the
North, Moss Street to the West and
Gloucester Street to the South; and
by City Quay National School, City
Quay Church and St Marys Creche
and Preschool to the East.
1-6 City Quay occupies a uniquely
pivotal position on the southern side
of Talbot Memorial Bridge, one of
the key gateway links between the
north and south of the city centre.
The location is easily accessible by
all forms of transport with key, high
volume CBD stations nearby: Tara
Street Station 200m to the West,
Pearse Street Station 500m to the
South, and Connolly Railway Station
450m North of the subject site.
1-6 City Quay 08 09
1. Brewdog's Dublin Outpost 5. G
rafton Street is the centre of
specialising in craft beers. Dublin's principal retail district.
Grand Canal Dock. 10 mins walk.
15 mins walk.
6. The 5 star Marker Hotel
2. C
HQ - a former industrial and Grand Canal Square.
building that has been 15 mins walk.
repurposed and now houses a
As well as key transport
variety of eateries & shops, plus 7. Bord Gais Energy
an Irish museum. 5 mins walk. Theatre is Ireland's largest
fixed-seat theatre.
nodes, the area benefits from 3. T
he Convention Centre -
a world-class purpose-built
15 mins walk.
a host of amenities such as
international conference and 8. S
t. Stephen's Green - Dublin's
event venue. 10 mins walk. Victorian public park is famous
for its scenic tree lined walks,
cafes, bars, restaurants and 4. P
addle Boarding in Grand
Canal Dock. 15 mins walk.
colourful flowers, ornamental
lake and wildlife. 20 mins walk.
leisure facilities.
1 2 3 4
5 6 7 8
N
C O N N O L LY
W E
S ST
L
N EL
P AR DOCKLANDS
DUBLIN PORT TUNNEL
ACCESS TO M50/AIRPORT
ST
BOT SHERIF
TA L F STRE
THE SPIRE ET UPPER
HEN
RY
ST
ST POINT VILLAG
ABB
EY E
GPO
T
CUSTOMS HOUSE
T
L S
EL S
ST
VIS
JER
NEL
IFSC
CAP
ON
CONVENTION
CENTRE
O'C
BRIDGE
GEORGE’S NORTH
Q U AY WA L L Q
U AY 3 ARENA
TA R A
ETT
CITY
Q U AY
RIVER LIF
S. BECK
F EY
Situated in the
PEDESTRIAN BRIDGE
(DUE 2022)
heart of Dublin city SIR
and positioned
JOH
N ROG
DART
ERS
AR
O N'S
PLE B
QUA
TEM
Y
along the South
Docks, 1-6 City COL
LEGE
GRE
EN
HANO
VER Q
Quay occupies one
U AY
TRINITY
COLLEGE PEA
RSE
E ST
of Dublin’s most
ST BORD GÁIS
DAM
ENERGY GRAND
CANAL
THEATRE
D OCK
accessible and DUBLIN CASTLE
PEARSE
pivotal locations.
ST
ST
RIN
GE
GSE
AM
ND
RD
OR
LLI
GE
T
WI
N S
TO
ST
AF
NATIONAL GALLERY
K ST
GR
ON
OF IRELAND
T
WS
E S
RIC
DA
AR
PAT
LD
KI
MERRION
SQUARE
City Quay is ideally positioned at the GRAND CANAL DOCK
junctions of George’s Quay, Moss M
O
UN
Street and Talbot Memorial Bridge, T
SQ
ST
LO
within Dublin’s Central Business
N
W
O
ER
RI
District.
ER
HE
YT
ST STEPHEN'S
M
ES
BU
RY
ST GREEN
There are several Dublin Bus routes
which run directly along the Quays VE
B AT H A
with Busáras, Dublin’s central bus
station, just 350m away. The LUAS Red Walking Times
Line is accessible at Busáras while the
LUAS Green Line stop at Trinity is 600m
AL
AN
to the South.
C
ND
RA
The area is also strategically PL D
G
R
positioned to benefit from the planned IVEAGH Luas Trinity DART Tara Dublin TO
NBus Dublin Bus Dublin Bikes
M
NATIONAL
GARDENS 8 minutes Street Station Custom N GHouse Quay George’s Quay George’s Quay
A
CONCERT I
DD
Metrolink which will service Tara Street
LI
HALL 3 minutes H A 3 minutes 1 minute 1 minute
IL
W
Station. The public consultation phase
TZ
NO
BURY ST
FI
RT
is currently live, and the completed
HU
works are due in 2027.
MB
HEYTES
ER
LA
ND
RD
1-6 City Quay 12 13
G R AN D CAN AL DO CK
S IR JO H N
RO G E RS O N’S Q UAY
D UB L I N L A ND I NGS
C E NT R A L BA NK Dublin is home to
OF I R E L A ND
some of the world's
largest financial
C ONV E NT I ON C E NT R E
and tech firms.
BLO O M BE RG
T RI N I T Y C O L L EGE
IFS C
C USTOMS H OUSE
OF F IC E OF
PUB L IC WORKS
"#$%&&'(&') $
1-6 City Quay 14 15
Site Analysis
Zoning George’s Quay LAP
The property is designated as Z5 in the Conservation Areas The site is identified as one of three key landmark; echoing the North-side touch
current Dublin City Development Plan Protected Structures strategic sites in the George's Quay Local point of height at Liberty Hall.”
(2016-2022). As per the Development Plan, Area Plan (“LAP”) 2012. This plan identifies
the policy’s objective is ‘to consolidate and Zones of Archaeological Interest the George's Quay area as one of four The LAP was due to expire in 2017, but due
facilitate the development of the central Zone Z5
LAP areas specified in the Dublin City to lack of development progress with
area, and to identify, reinforce, strengthen To consolidate and facilitate the Development Plan 2016-2022 which has unachieved objectives it was extended
and protect its civic design character and development of the central area the potential to accommodate a “high rise to July 2022. The Dublin City Development
and to identify, reinforce and
Site Analysis
dignity.’ building”. The aim of the height strategy plan expires in December 2022.
strengthen and protect its civic
design character and dignity. for George's Quay is to “provide a clear
Z5 permits a broad range of uses and, framework to strengthen the urban The City Quay Block includes two separate
drawing on Savills expertise, we believe the structure of this area; complementing the sites on either side of the ‘Church of the
building could be suited to an office, retail, policies outlined in other sections of the Immaculate Heart of Mary’ and ‘City Quay
leisure or hotel development, or indeed a LAP in relation to urban form and streets, National School’. The subject site lies to
mix of these use types.
Extract from Dublin City Development
and also reflecting the setting of the area
on the bend of the river to create a new
the West and includes the now vacant
Dublin Arts Centre.
2016-2022 Plan Map E
(site boundary in red)
Extract from George's Quay LAP
1-6 City Quay 16 17
Computer Generated
Image of Potential Scheme
Feasibility Study
While there is no current planning
permission pertaining to the property
for future development, a feasibility
study has been prepared to illustrate
the development potential of the
subject site.
This feasibility study, prepared by RKD
Architects illustrates the potential of
the site to accommodate an office
scheme extending to approx. 13,248
sq. m. (142,601 sq. ft.) NIA, subject to
planning permission.
w
GROSS FLOOR NET FLOOR
FLOOR
AREA (SQ M) AREA (SQ M)
-1 420 -
Ground 1,530 1,057
First 1,397 1,110
Second 1,816 1,529
Third 1,792 1,487
Fourth 1,792 1,487
Fifth 1,792 1,487
Sixth 1,428 1,185
Seventh 1,176 976
Eight 1,176 976
Ninth 1,176 976
Tenth 1,176 976
Roof 60 -
Total 16,731 13,248
This feasibility pack is available from
Savills.1-6 City Quay 18 19
1-6 City Quay 20 21
1
1
2
3
4 4
3
2 5 6 5
9 8 7
1. Entrance
2. Cafe
3. Reception
4. Circulation Core
5. WC/Showers 1. Void to Lobby
LEVEL 6. Bikes/Waste 2. Office LEVEL
G 1
7. Car Lift 3. Garden
8. Substation 4. Circulation Core
9. Art Centre 5. WC1-6 City Quay 22 23
4
1 1
2 2
3 3
LEVEL 1. Office LEVEL
2-5 6
1. Office 2. Circulation Core
2. Circulation Core 3. WC/Showers Office
3. WC/Showers 4. Terrace1-6 City Quay 24 25
4
1 2 2
1
3 3
LEVEL 1. Office LEVEL
7 8-10
2. Circulation Core 1. Office
3. WC/Showers Office 2. Circulation Core
4. Terrace 3. WC/Showers Office1-6 City Quay 26 27
Economic Overview
Ireland’s economy performed strongly in 2020,
despite the Covid-19 pandemic. The Central
Bank of Ireland now estimates that economic
growth reached 2.5% in 2020, with this positive
economic growth the exception at European
level as illustrated by Figure 1.
Although office-based employment has not
escaped the fallout from the pandemic, it has
proven more resilient than other sectors of the
economy. Throughout the pandemic, the share
of office-based employment remained relatively
static. Despite accounting for more than one-
quarter of Ireland’s jobs, the office-based
sectors accounted for just 15% of those on the
Pandemic Unemployment Payment.
Figure 1: Central Bank Estimates for Annual GDP Growth - 2020
3
0
-3
%
-6
-9
-12
Ireland
Sweden
Poland
Finland
Denmark
Netherland
UK
Germany
Austria
France
Italy
Spain
Source: Savills Research, Various European Central Banks1-6 City Quay 28 29
Investment Market Commentary
In the first four weeks of 2021 over 100,000 sq ft Although the total number of active office
Investment Turnover Investment in Offices
of new lettings went agreed, bringing the total requirements reduced by approx. 35% in 2020,
number of reserved deals to close to 550,000 that tally stabilised in Q4 2020 and is now rising.
Q4 2020 saw a pick-up in investment turnover, Over €365m worth of Office assets
sq ft. There are also some notable requirements There is currently approx. 4.2m sq ft of active
with €1.26bn invested in income-producing real transacted during Q4, bringing the total
expected to go to reserved status in H1 2020, office requirements in Dublin. The vacancy rate
estate assets across 44 separate transactions. turnover for Office Investments in 2020 to
which could almost double this figure. A northern increased in the latter part of 2020 due to
Year-end investment volumes total to just under €1.2bn. Measured over the whole year, the
hemisphere lockdown has highlighted the some large vacant completions and now stands
€3bn for 2020. While this represents a fall of office sector accounted for 40.5% of total
difficulties of permanent remote working and at 9.4%, still considerably below the natural
59.8% compared to 2019, it should be noted that turnover with two of the largest transactions
the importance of the office is re-emerging vacancy rate for the Dublin market. Many of
2019 was more than double the 10-year average occurring in Q4: Amundi Immobilier purchased
once again, albeit likely in a more flexible and those completions are now beginning to gain
of €2.9bn. Indeed, despite the challenges posed 28 Fitzwilliam St. for €177.5m from the ESB
collaborative role. traction with occupiers with some lettings
in 2020, turnover was 2.5% above the 10-year while Deka bought Baggot Plaza from Kennedy
agreed and signed.
average between 2010 and 2019. Wilson for €141m.
Figure 2: Annual Investment Turnover
8,000
Figure 4: Dublin Vacancy Rate
7,000
6,000
25
5,000
€m
4,000
3,000 Turnover (Ex. Eblana)
20
2,000 Green REIT
1,000 10 Year Average
(2010 - 2019)
0 15
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Source: Savills Research
%
10
Figure 3: Annual Take-Up Take up Take up post covid
Office Market 5
Figure 4: Dublin Vacancy Rate
Commentary 400,000
350,000
300,000 0
Take up in the office market in 2020 came to
Q2 2010
Q4 2010
Q2 2011
Q4 2011
Q2 2012
Q4 2012
Q2 2013
Q4 2013
Q2 2014
Q4 2014
Q2 2015
Q4 2015
Q2 2016
Q4 2016
Q2 2017
Q4 2017
Q2 2018
Q4 2018
Q2 2019
Q4 2019
Q2 2020
Q4 2020
1.74m sq ft, approx. 1m sq ft below the 10-year 250,000
rolling average. Nine of the top ten deals in
SQ M
2020 transacted in the first quarter of the 200,000
year, demonstrating the impact of government
150,000
directed lockdowns. There were still some very
notable names taking space from Q2-Q4 2020, 100,000
including Amazon, Rabobank, 3M, Microsoft
Dublin’s on-site pipeline currently stands at approx. 4.64m sq ft and is relatively contained with high
and the OPW. 50,000
levels of pre-commitment, ensuring no significant arrivals of vacant new space to put pressure on
the vacancy rate. 62% of the on-site stock scheduled to complete in 2021 is pre-committed (signed
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 or at legals) and in 2022, 63% of the equivalent stock is similarly pre-committed.
Source: Savills ResearchContacts &
Further Information
Project Website Selling Agent Solicitor
and Dataroom
www.1-6cityquay.com
Tenure
Riverside Two
A Title Summary is available Sir John Rogerson’s Quay
in the dedicated data room. Dublin 2
D02 KV60
Viewings Savills Ireland
33 Molesworth Street Gerry Gallen
Viewings are strictly to be Dublin 2 +353 1 4180619
arranged through the sole Ireland g.gallen@beauchamps.ie
selling agent Savills. PSRA: 002233
VAT John Swarbrigg Receiver
No VAT will apply to this sale. +353 1 618 1333
John.Swarbrigg@savills.ie
BER Details
Andrew Sherry
+353 1 618 1452 One Spencer Dock
Andrew.Sherry@savills.ie North Wall Quay
Dublin 1
Will Heffernan
+353 1 618 1409
Will.Heffernan@savills.ie
Disclaimer:
Savills Ireland and the Vendor/Lessor give note that the particulars and information contained in this brochure do not form any
part of any offer or contract and are for guidance only. The particulars, descriptions, dimensions, references to condition,
permissions or licences for use or occupation, access and any other details, such as prices, rents or any other outgoings are for
guidance only and are subject to change. Maps and plans are not to scale and measurements are approximate. Whilst care has
been taken in the preparation of this brochure intending purchasers, Lessees or any third party should not rely on particulars
and information contained in this brochure as statements of fact but must satisfy themselves as to the accuracy of details
given to them. Neither Savills Ireland nor any of its employees have any authority to make or give any representation or warranty
(express or implied) in relation to the property and neither Savills Ireland nor any of its employees nor the vendor or lessor shall
be liable for any loss suffered by an intending purchaser/ Lessees or any third party arising from the particulars or information
contained in this brochure. Prices quoted are exclusive of VAT (unless otherwise stated) and all negotiations are conducted on
the basis that the purchasers/lessees shall be liable for any VAT arising on the transaction. This brochure is issued by Savills Ire-
land on the understanding that any negotiations relating to the property are conducted through it.www.1-6cityquay.com
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