A Cairn Homes development has sold for an average gross price of €800,000 per apartment in the Docklands.
The Six Hanover Quay development, which is made up of 120 apartments, a 5,000 sq ft restaurant and 1,400 sq ft café, was sold for €101m.
The development, which is still under construction, is being sold to a special-purpose company managed by Carysfort Capital.
“The sale of Six Hanover Quay in a single transaction is a tremendous outcome for our business which will deliver a strong return for our shareholders,” said Michael Stanley, CEO and co-founder of Cairn.
Cairn Homes originally bought the site for €18m in 2016, and expects to spend approximately €40m on its development.
While the company had intended to sell the apartments individually, it began a formal sales process through Savills to sell the entire scheme in response to “significant demand from international capital”.
The overall price indicates a valuation of approximately €800,000 per apartment at Hanover Quay.
