Wednesday 6 February 2008

Over €10m for key D7 markets site

Redevelopment Site With the markets area of Dublin city centre - which is between Capel Street and the Four Courts - set for major redevelopment in the coming years, there should be plenty of interest in an important site nearby, writes Jack Fagan

With a major rejuvenation in the pipeline for the Victorian era fruit and vegetable market in Dublin 7, another key site beside it is going for sale today through CB Richard Ellis.

The agency is quoting over €10 million for 0.18 hectares (0.45 of an acre) opposite the market at Arran Street East which is due to be sold at tender on March 6th.

The long drawn out plan to redevelop the key three-acre markets site has been given considerable impetus with the announcement that Dublin City Council has nominated experienced developers, the Linders and Kelly families, along with the Fyffes spin-off Blackrock International Land, as the preferred bidder for the project.

All three parties in the consortium have land holdings in the immediate area.

The odds are that the group will also pitch for the site going for sale which is used as the headquarters for the fruit and vegetable market.

The redevelopment of the main Victorian era market is expected to act as an anchor for the redevelopment of much of the adjoining area which is serviced by the Luas red line.

Dublin City Council has indicated that it wants to see the Liffey boardwalk extended past the Four Courts as part of the scheme.

A new fish market hall is also to be developed on site as well as a number of workshops and office space.

A fruit and vegetable market is to form the centrepiece of the new market square development.

The site for sale is regular in shape and comes with a "Z5" zoning objective in the Dublin city development plan "to consolidate and facilitate the development of the central area and to identify, reinforce and strengthen and protect its civic design character and dignity". Uses permissible in principle under this zoning are quite broad.

They include conference centre, health, guest house, hostel, hotel, medical and related consultants, nightclub, offices, restaurant and neighbourhood shopping.

Wesley Rothwell of CB Richard Ellis says he believes a high quality mixed-use development is likely to be achieved on the site in line with the Markets Area Draft Framework Plan.

The Irish Times

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