Stairway To Kevin

at




Yesterday.

Lower Kevin Street, Dublin 2.

The former Dublin Institute of Technology (DIT) building has been sold  to Dublin-based, US-backed Westridge Real Estate for €140 million.

It is understood that Westridge will now press ahead with plans to seek planning permission for a major mixed-use scheme on the 3.57 acre site, comprising mainly Grade A office space alongside a large element of private rented sector (PRS) apartments, and food and beverage offerings.

…While the figure paid by Westridge Real Estate represents a premium of 75 per cent on the €80 million price guided by Knight Frank when they brought the property to the market last February on behalf of DIT’s successor, Technological University Dublin, the site is acknowledged as being one of the best redevelopment opportunities to have been offered for sale in the capital in recent years.

The former DIT campus is located just 300m from the Luas Green Line stop at St Stephen’s Green, and sits within walking distance of the city centre.

Westridge Real Estate completes €140m purchase of DIT Kevin Street campus (Irish Times)

Sam Boal/rollingnews

26 thoughts on “Stairway To Kevin

  1. eoin

    “premium of 75 per cent on the €80 million price guided by Knight Frank when they brought the property to the market last February”

    Knight Frank were 75% out on their valuation. Remember that when considering an agent to sell your property.

    1. MaryLou's ArmaLite

      There is no universal definition, but it is usually bright, modern, open plan, secure – the kind of place high earning multinationals go for.

      1. The Old Boy

        I’ve always preferred a crumbling ceiling and dangerously uneven floors, “Hail Mary” staircases and a couple of well-filled bookshelves covering the damp patches on the walls. Add no natural light after two pip emma and a basement so waterlogged that files grow mould spots and you have the ideal working environment.

  2. Spaghetti Hoop

    Prime spot. The mixed use plan will work well in that area and improve the site. The current building is an excellent example of 1960s architecture however – it would be a shame to knock that element of it as part of the redevelopment.

    1. Slightly Bemused

      I studied there for two years of night classes to finish out my electronics degree. It was really a nightmare inside, although some of that may just have been the industrial paint, and definitely not friendly to those with mobility issues, as I found out after I broke my ankle.

  3. Rob_G

    What possible objection could someone have to a vacant building being sold and redeveloped for something else – idiotic comment.

    1. Man On Fire

      It was the physics faculty that suffered greatly from reduced funding due to fg licking the boots of multinational pharma companies who were only interested in investing in chemistry.

      The chemistry labs are in a different building.

        1. Man On Fire

          Myopic as per usual.

          The physics faculty had to be scaled back to balance the books.

          All the funding was being driven towards chemistry as fg propped up the national balance sheet with multi national pharma companies setting up camp here to avoid taxes.

          1. Rob_G

            Ok.

            Presumably both the physics and chemistry depts have been moved to Grangegorman, so I see no link between what you are talking about, and the decision to redevelop a vacant building into something useful

    2. V

      Its not vacant

      I went through it the other day to get to The National Optometry Centre, which is attached to the campus
      They all have a year left before starting in Grangegorman from Sept 2020

      It’s a great price for the site, as long a cheque clears, who cares who the buyer is.
      A 140 million top up for a 3rd level well regarded institution
      What’s wrong with that ffs

        1. V

          No
          But it guided 80m
          so it’s unlikely they held it at anything higher on their Balance Sheet or their cash projections

          So that extra 60 mill is not nothing
          That’s what I call a proper windfall
          Honest and Market led

          Especially when you see what the Dept of Ed paid for the Harolds Cross Greyhound track and what it guided at

        2. Rob_G

          With the rental rental agreements that DIT were locked into for some of their city centre campuses (Merrion Row, for example), moving to GG made a lot financial sense.

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