Image credit paddys-wagon.blogspot.com
A recent article by the Irish Independent (viewable here) has uncovered that up to €890 million is to be invested in the Liberties region of the Dublin 8 area. This money can be traced to a number of major developments that combined will see a large growth in employment and hopefully, rejuvenation for the area. The largest of these developments is the forthcoming Children’s Hospital, which is to be located on the St James’ Hospital’s campus. The hospital, which is expected for 2018 will be built on 6.3 hectare site and cost €600 million, the building will house 469 beds, and should act as a great stimulus to the local economy. Such a large scale project seems to have already had a positive impact on property in the area, as two substantial apartment complexes have submitted for planning permission just down the road from the hospital in Old Kilmainham (read more here).
Another large investor into the area is of course, Diageo’s Guinness, who two years ago rejected an idea of moving their premises to Meath and decided to invest €153 million into their holdings on Victoria quay. The work is well on their way, as can be seen from the impressive new buildings on said quay. It has brought in an estimate 300 construction jobs into the area and increased the brewery’s production capacity by 50%. In addition, the brewery announced at the start of 2013 a €10 million investment into its world renowned tourist spot, the Storehouse, the second phase of which is to be commenced this year.
Staying with the drinks industry, two distillers will attempt to restore Dublin’s former prestige as a world centre for whiskey production over the coming year. Teeling’s Whiskey put in a submission for planning permission to open a new distillery/visitors centre in Newmarket Square last October in an investment worth €10 million. It is hoped that 50 new jobs will be created during the construction phase, with a further 30 to operate the distillery and visitor’s centre. The distillery will have three copper pot stills with the capacity to produce 500, 000 litres of whiskey per year. Pearse Lyons, of O’Hara Breweries fame, also has put in for planning permission last October to open an unrelated distillery in the former St James’ Church of Ireland premises on James’ Street . Combined with the Guinness Storehouse developments these new projects will bring even more tourists into an area famed on the island for its historical and cultural attractions.
Finally, the Digital Hub has submitted planning permission for 100 new student accommodation units across two blocks last November bringing more construction work to the area as well as short term residents. This compiled with the recently restored Gatelodge building emphasises not only how the Hub has gone from strength to strength but also its importance to the local economy.
While it is bad practice to infer causality with only correlation it should be noted that at the same time of these major developments Dublin Corporation have undertaken a large path/road work project along James’ Street and Thomas Street. The work will see new pedestrian crossings, improved paths and roads, more lightening, lengthened cycle paths and longer bus corridors. Such infrastructural projects must be seen in the context of the new hospital and the assumed increased visitors to the area it will no doubt bring.
It would appear that these developments have had a positive effect on housing prices in the area as well as according to the last Daft quarterly report rents are up 11.6%, while housing prices are up 15.7%, the highest rise in Dublin. There is a caveat for these figures as they are taken for the whole of the Dublin South Inner City and there are other factors relating price increases in the property market (such as restricted supply)
As an area that was once renowned as a shopping and manufacturing centre, Dublin 8 has been on the decline for the last few decades, these new developments however, do hint at a renaissance looming.
