14th Oct 2013 07:55
LONDON (Alliance News) - Development Securities PLC Monday said it has acquired a derelict mixed-use development site in Dublin for EUR2.4 million.
The site has planning permission for a mixed-use development comprising twelve high quality apartments, 4,700 sq. ft. of restaurant and retail space and 6,500 sq. ft. of office space.
Capital expenditure of EUR5.0 million is required to develop the scheme, Development Securities said, which will be delivered in a 50:50 joint venture with a local partner and funded through a mixture of equity and bank debt.
A start on site is anticipated in the first quarter 2014 and practical completion is expected by the end of 2014.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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