CFA Society Singapore
SINGAPORE (May 9): Oxley Holdings says it has been appointed by Ireland’s government through its statutory corporation, Córas Iompair Éireann (CIE), to develop 1.96 ha of land into mixed-use properties at Connolly Station, Dublin 1, in the city centre of Dublin.
According to Oxley, the site is part of the strategic landmark scheme that CIE has been pushing forward in order to enhance passenger experience at Connolly Station with the aim of creating a revamped city centre with mixed-use residential, commercial, student accommodation properties and community and cultural functions.
In a Wednesday filing, Oxley says the site was offered by CIE via a development agreement which is subject to an annual site license fee of 2 million euros ($3.2 million), followed by the higher of a premium rent of 3.5 million euros from the development.
Under the agreement, the group has right to develop the site in one or more phases.
Upon the completion of the works in each phase and the submission of the requisite documents to CIE, Oxley will be granted a 300-year ground lease on the relevant development.
Given the size and the preliminary plan of the development, the group says it expects to enjoy significant opportunities to receive rental income through sub-letting the entire, or part of, the developed site.
“Ireland’s strong economic growth outlook and the booming property market in Dublin suggest that the redevelopment of the Connolly Station site will benefit local property users, the government and developer all together. The project will also bring Oxley another platform to grow our income stream in the long term,” says Ching Chiat Kwong, Executive Chairman & CEO of Oxley.
Shares in the group closed 2 cents higher at 47 cents on Wednesday.