Grangegorman West Quad

trellheim

For info this has gone out to etenders for someone to build this, with the consideration being that the contractor is given DIT Aungier St , lets see how that works out

See

https://ggda.ie/launch-of-west-quad-grangegorman-property-exchange-procurement

and

https://www.etenders.gov.ie/epps/cft/prepareViewCfTWS.do?resourceId=3036187

Geuze

This seems like an unusual transaction?

Pete_Cavan

Interesting approach. In fairness to the GGDA, they have made great progress developing the campus, particularly given the recession which hit before they really got started. This article shows how much has happened in 10 years (which isn't a lot of time when developing a third level campus for >20,000 students). It has been a huge boost for the city and transformative for the northwestern inner city. They have also gotten good money for some of the old DIT campuses. You'd have to give them the benefit of the doubt when taking a novel approach here.

I have thought for years that it would be great if Dublin Business School could move into the TUD Aungier Street campus, it'd be perfect for them as it is already set up for educational use and DBS could consolidate onto one site. The main benefit for the city would be freeing up the block at the top of George's Street for redevelopment. It's an absolute monstrosity, especially given what was knocked to build that. The owner of that building should be pushing hard for the West Quad, get DBS in Aungier Street and redevelop the George's Street block.

What seems odd to me is where they say "The entitlement of TU Dublin to remain in place and enjoy the full use and benefit of the Aungier St. Campus until such time as 60 working days after the West Quad reaches Substantial Completion". 60 working days is 3 months which isn't a lot of time to relocate a large number of courses involving a huge number of staff and students, particularly if happening during the academic year (and even worse, if impacting on exams).

Surely they'd be better off saying that they'll hand over Aungier St in the September following Substantial Completion? That gives them time to make the move over the summer and have everything ready for the start of the new academic year. They could give permission for the future owner to submit a planning application before handover, meaning the campus is ready for redevelopment once TUD vacate.

trellheim

I have to say I'd never expected barter like this, I wonder what led them down this road to make this offer vs a cash sale

Claw Hammer

https://www.boards.ie/discussion/comment/121860174#Comment_121860174

It seems obvious that barter would mean they don't have to front up as much cash. If they sell to raise funds to build thye new Quad, they will have no accommodation available during the build. If they wait till after the build, they will have to build transfer and sell. The issue with that is that they will be taking a chance on being able to sell and recoup enough money. That will depend on market conditions when the build completes. They may not have the ability to borrow funds to build or may be unwilling to borrow so much to carry out the build even if they cut.
If they can find a taker for the deal it could mean less money needed to pay for the building as it goes up and no risk of an adverse change in the property market causing problems.