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.