Paddy McKillen jnr seeks €6.25m for Dublin docklands office block

Developer Paddy McKillen jnr is marketing a newly constructed office building at 2 Cardiff Lane in Dublin's south docklands for €6.25 million. The agent handling the sale, JLL, is seeking offers for the property, which is being sold with full vacant possession. This offering is notable as such opportunities rarely come to the market.

The guide price of €6.25 million reflects a substantial discount compared to the acquisition and development costs incurred by McKillen's company, Oakmount. The proceeds from the sale are earmarked to repay the lender financing the project. The building, developed on the former site of the Crown Decorating Centre, provides 7,420 sq ft of Grade A office accommodation across nine stories, complemented by a 751 sq ft ground-floor retail unit.

2 Cardiff Lane boasts a high-quality specification, including raised access floors, integrated data and power points, energy-efficient LED lighting, and a low-energy HVAC system. Each floor features built-in kitchenettes. The building is highly sustainable, holding an A Ber rating. Its location in the rapidly redeveloping south docklands places it among major office schemes and in close proximity to prominent occupiers such as William Fry, TikTok, and JP Morgan. The area is well-served by public transport, with multiple Dart and Luas stops within walking distance.

The sale comes shortly after reports that non-bank lender Real Estate Loan Management (Relm) is seeking to recover approximately €50 million in loans provided to companies controlled by McKillen jnr. In a separate recent transaction, JLL secured about €1.6 million from the sale of Lamb Doyle's pub, also linked to McKillen jnr, which sold at a significant discount.

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New office buildings rarely come to the market with full vacant possession. This property’s excellent location and attractive lot size should see a high level of engagement from both investors and owner-occupiers.