CORK STREET SHARED LIVING - THE LIBERTIES | DUBLIN 8
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CORK
STREET
SHARED
LIVING
THE LIBERTIES | DUBLIN 8
For Sale | Ireland’s largest Co-Living
Development Opportunity
Full Planning Permission
for 378-bedroom shared
living scheme
www.corkstreetsharedliving.ie
North Docklands
Grand Canal Docks
Trinity College
Jervis Street
Shopping Centre Grafton Street St. Stephen’s Green
Temple Bar
EY
FF
Christchurch
LI
ER
V
RI
Newmarket Square
Development
CORK
STREET
SHARED
LIVING Weaver Park
CORK
ST R E E
T
Guiness Storehouse
2
CORK
STREET
SHARED
LIVING
THE LIBERTIES | DUBLIN 8
ASSET
SUMMARY
Unique development Full planning Development will
opportunity for permission for the include a large
Ireland’s largest 378 no. bed Shared offering of amenity
Co-Living Scheme Living Development space for residents
(Ref: 308162)
The development has Centrally located Well connected
potential to deliver in Dublin 8, just to a number of
a substantial amount 1 km west of different public
of ancillary income St. Stephen’s Green transport routes
3
CABRA
PHIBSBOROUGH
Cabra
Roy
al C
anal
Drumcondra FAIRVIEW
Croke
Phibsborough Park
Mater
Hospital
Grangegorman
Dublin
Broadstone/DIT Parnell St. EA
Zoo
Phoenix Park Dominick St.
Busáras Connolly Station
STONEYBATTER Bus Station
Henry St
Retail Area
ISLANDBRIDGE Abbey
Street George’s Dock
Mayor Square
Museum SMITHFIELD Spencer D
DUBLIN
Jervis
Smithfield Four courts DOCKLANDS
Heuston Tara Street
CITY CENTRE
Heuston Guinness Temple Bar
Station Brewery Trinity
College
Guinness
James’s Storehouse Pearse
Dawson St
n St
Station
Grafto
THE LIBERTIES THE COOMBE
St James’s St. Patrick’s
KILMAINHAM Hospital Cathedral Grand
Fatima Canal Dock
Rialto St Stephen’s
Green
RIALTO
CORK
STREET
Suir Road
Golden Brigde
Drimnagh
Coombe SHARED
LIVING
Womens Harcourt
Hospital
PORTOBELLO al
DOLPHIN'S BARN Grand Can
RATHMINES RANELAGH
HAROLD'S CROSS
DONN
Harold’s Cross
Greyhound
Stadium
Luas Green Line Luas Red Line Train Line
4
CRUMLIN
LOCATION
Cork Street Shared Living, located in Public transport links to the site are The confidence within the area is
The Liberties in Dublin 8, has witnessed considerably strong. The asset is located underpinned by some exceptional
a significant influx of development just 1.5 km south east of Heuston Station, regeneration projects, namely the
capital in recent years. Many parts of the Ireland’s primary railway station. Heuston upcoming Guinness Quarter Project at
immediate area have undergone substantial Station provides for both intercity and St James’s Gate. Within the immediate
regeneration, which has greatly benefitted commuter services throughout the country, area of Cork Street, there are a number
the entire Liberties. The subject property as well as a Red Line Luas Stop. Access of large-scale developments undergoing
is perched neatly within Dublin City Centre to the Green Luas Line is located at St construction, which highlights the growth
and is located approx. 1 km west of St Stephens Green, approx. 1 km west of the in confidence from investors within the
Stephens Green, making this an ideal Co - site. There are several Dublin Bus Routes immediate vicinity.
Living location. which service Cork Street, with a bus stop
located adjacent to the subject property.
u
50
M
TO
ET
RE
ST
RK
CO
Weaver Park CORK
STREET
SHARED
LIVING
RE
NT
CE
TY
CI
t
5
DESCRIPTION
This prime city centre development asset comprises of a brownfield site profile and benefits from approx. 35 m of frontage onto Cork Street.
extending to approx. 0.45 ha (1.10 acre). The site is of an irregular shape The adjoining land uses include a four-storey residential block to the
and comprises a mixture of derelict buildings known as The Old Glass west of the site, a garden centre to the south west and a mixture of
Factory and 113-122 Cork Street, Dublin 8. The property has excellent low density commercial and residential property to its east.
6
THE
OPPORTUNITY
The subject site has full planning permission for the
development of 378 no. bed spaces shared living facility
across 372 units (Ref: 308162) and comes with the benefit
of full vacant possession. The proposed development
comprises 7 storeys over basement level and it will
comprise rooms ranging in size between 17 – 36 sq m
(183 – 388 sq ft). The proposed scheme also includes an
abundance of amenity space at ground floor level including
a communal lounge / social room, a multipurpose room,
a private function room, a cinema and yoga space, a gym
and workspace area. The full planning pack is available to
download in our data room.
There is a substantial amount of ancillary income to be
generated on the lower ground floor area which extends to
1,336 sq m (14,380 sq ft). The area is suitable to an abundance
of uses in accordance with Condition 2 of the planning
consent (308162).
The subject development is also suitable to the cost -
efficient modular construction build.
SCHEDULE OF
ACCOMMODATION
Number Size Size
Unit Type
of units Sq Ft Sq M
Type A (Typical) 247 191 18
Type A1 (1250mm Window) 37 191 18
Type A2 (Extended Width) 5 258 24
Type A3 38 191 18
Type A4 6 214 20
Type A5 5 201 19
Type A6 15 183 17
Type B (Square Room) 5 191 18
Type B (Square - End) 1 186 17
Type C (DAC) 7 312 29
Type D (Double) 6 388 36
372
Total
(378 Bed spaces)
7
DUBLIN’S RETURN
TO THE OFFICE
Rise in Dublin office reserved space Dublin Office Reserved Space, Q2 2018 – Q2 2021
In Q2 2021, the Dublin office market witnessed a rapid increase in
reserved space. A total of 46,350 sq m was reserved in the three
months, a notable rise from under 20,000 sq m in the opening quarter.
This brings total reserved space in the market to 86,450 sq m, the
highest level in Cushman & Wakefield’s series since Q1 2020.
Although there is still some way for the market to go in order to reach
full pre-COVID-19 levels of activity, the second consecutive quarter
rise in reserved office space solidifies the turn in market sentiment
which was remarked upon in the opening quarter.
Source: Cushman & Wakefield Research
Tenant requirement tracker trending higher
Cushman & Wakefield compile a live tenant demand
tracker, keeping account of all active and on hold
requirements in the market at present. This tracker
acts almost as a sentiment index for the market. Since
the start of 2021 we have seen the volume of active
requirements rise, with a total of 460,300 sq m of active
requirements as of July 2021. This rise places the market
in a good position heading into the second half of 2021.
Although take up is expected to remain low, this tracker
would indicate the rise in activity from a reserved
perspective should continue.
8
Proportion of Irish population vaccinated Fully Vaccinated People (per 100) - Europe
According to the latest data by non-profit organisation, Our
World in Data, Ireland is both a European leader and world leader
in COVID-19 vaccination rates. As of the 18th August 2021, 72% of
people were vaccinated against COVID-19. This can be broken down
as 64% of those are fully vaccinated while 8% are partly vaccinated.
Additionally, according to a survey from Eurofound, people in
Ireland are the most willing among European Union member states
to take the Covid-19 vaccine. When asked about their intentions to
take the vaccine 86.5% of those surveyed in Ireland said they were
“very likely” or “rather likely” to take the vaccine.
Rising reserved space and the tenant demand tracker trending higher
paint a positive picture for the Dublin office market. Combined with
this, the strong Irish administration rate of the COVID-19 vaccine and
the attitude towards vaccine inoculation, all bode well for occupiers
and employers alike for the return to the office movement.
Source: Cushman & Wakefield Research / Our World in Data
9
THE CO-LIVING
CONCEPT
Co - Living is a multifamily model where residents share the
common areas of units such as living rooms and kitchens while
retaining their private personal spaces. Co- Living occupies a
unique position in the multifamily ecosystem by offering Class A
quality builds and locations with the affordability of workforce
housing. Typically, shared living assets are holding rents in excess
of 20% over the average Class A studio rents in comparable
international markets. There are several indicators from the
different Co – Living markets which show that there is continued
demand from the target demographic despite the ongoing
pandemic. Schemes which are centrally located and are amenity
rich have proven to be the most successful developments.
10TOWN PLANNING
The property is situated in an area within the
Dublin City Development Plan 2016-2022. Under
the development plan, the majority of the CORK
STREET
property is zoned ‘Z4 – District Centres’ which SHARED
LIVING
is defined as “To provide for and improve mixed
services facilities.” The remaining portion of the
property is zoned ‘Z6 – Industrial, Enterprise &
ET
Employment’ which is defined as “To provide for
RE
ST
the creation and protection of enterprise and
RK
facilitate opportunities for employment creation."
CO
DEVELOPMENT ARCHITECT ENGINEERS PLANNERS
MANAGER
EOIN | CONWAY & Associates
Commercial Valuation Surveyors & Arbitrators
Asset and Development Managers
EOIN | CONWAY & Associates
Commercial Valuation Surveyors & Arbitrators
Eoin Conway & Associates
Asset and Development Managers
John Fleming Architects Waterman Moylan Consulting Thornton O’Connor Town Planning
8 Fitzwilliam Square The Tree House, Engineers 1 Kilmacud Road Upper,
Dublin 2 17 Richview Office Park, Block S Dundrum,
Clonskeagh, East Point Business Park Dublin 14
EOIN CONWAY Dublin 14 Alfie Byrne Road
eoin@weirconway.ie Dublin 3 PATRICIA THORNTON
Tel: + 353 1 6314505 CONOR DALY patricia@toctownplanning.ie
cdaly@jla.ie EMMA CAULWELL Tel: +353 1 205 1490
Tel: +353 1 668 9888 e.caulwell@waterman-moylan.ie
NIALL COUGHLAN
n.coughlan@waterman-moylan.ie
Tel: +353 1 664 8900
11CORK
STREET
SHARED
LIVING
TITLE JOINT AGENTS SOLICITORS
The property is held under a freehold title
METHOD OF SALE
Mark A Quinn
SO LICITO RS
For Sale by Private Treaty
164 Shelbourne Road 7 Orby Chambers,
Dublin 4 Coke Lane, Smithfield,
SERVICES Tel+ 353 1 6399300 Dublin 7
We understand all public services are available to the
property BRENDAN SMYTH MARK A QUINN
Brendan.smyth@cushwake.com info@maqs.ie
Tel: + 353 1 6399 300 Tel: +353 1 8786363
WEBSITE &
DATA ROOM PAUL NALTY
www.corkstreetsharedliving.ie Paul.nalty@cushwake.com
Tel: + 353 1 6399 320
STRATEGIC HOUSING
DEVELOPMENT (SHD) WEBSITE
www.corkstreetsharedliving.com
VIEWING
By appointment with either of the joint selling agent only 19-26 Pembroke Street Lower
Dublin 2
Tel: +353 1 633 3700
BER
RICHARD BIELENBERG
Richard.Bielenberg@colliers.com
Exempt Tel: + 353 1 633 3737
JOHN COLEMAN
John.Coleman@colliers.com
Tel: + 353 1 633 3755
A full copy of our general brochure conditions can be viewed on our website at https://property.cushwake.ie/disclaimer, or can be requested from your local Cushman &
Wakefield office. We strongly recommend that you familiarise yourself with these general conditions. While care has been taken to ensure that information contained in
Cushman & Wakefield publications is correct at the time of publication, changes in circumstances after the time of publication may impact on the accuracy of this information.
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