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Former City Arts Centre hits the market at €35m


 
Having lain dormant since its sale to a consortium of developers including Paddy Kelly and the McCormack family’s investment vehicle Alanis Capital in 2003, the former City Arts Centre on Dublin’s City Quay is being offered to the market once again.
While little has happened with the property itself in the 18 years since it changed hands for €4.2 million, the area surrounding the building and the 0.22 hectare (0.55 acre) plot it sits on has been transformed to the point where 1-6 City Quay is the last remaining waterfront development site in Dublin’s docklands.
That distinction is reflected in the €35 million now being sought by agent Savills on behalf of the receiver, Ken Tyrell of PWC. ....

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Investment market on course to exceed last year's €3bn


Property investment deals this year could exceed the €3bn seen in 2020 according to Hannah Dwyer, head of research at JLL Ireland.
Her estimate is based on three factors including an estimate that €650m of sales were seen in the first quarter of 2021 for properties worth more than €1m.
“We are also aware of a number of large-scale opportunities which we expect to trade in the next nine months. It is also dependent on the fact that we continue to see the strong demand levels for Irish real estate that we have seen in the last few years and a resumption of travel and normal business activity,” she added. ....

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