Union Investment has acquired the planned 8th Lock residential quarter in Dublin from British and Irish developer Ballymore. The purchase price is approximately €200 million ($240 million).
The 8th Lock residential project comprises five sections which are between four and 13 stories high and due for completion between October 2023 and March 2025. Altogether the site will offer approximately 31,000 square meters (323,000 square feet) of rental space, with 435 furnished apartments accounting for some 28,000 square meters (301,000 square feet). The rest of the space is earmarked for commercial use. In addition to the rental space, future tenants can expect attractive communal areas that could be used as shared offices or as a fitness studio, for example. There will be shared underground parking beneath the development with room for 242 cars and 960 bicycles.
The future residential quarter is located in Ballymore’s already established Royal Canal Park northwest of Dub
