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04/09/2019. DIT Kevin Street. Pictured Dublin Institute of Technology (DIT) Kevin Street which has been sold. Developer Shane Whelan’s Westridge Real Estate has completed its purchase of DIT’s former Kevin Street campus for €140 million. It is understood that Westridge will now press ahead with plans to seek planning permission for a major mixed-use scheme on the 3.57 acre site, comprising mainly Grade A office space alongside a large element of private rented sector (PRS) apartments, and food and beverage offerings. Westridge’s acquisition of the Kevin Street portfolio was backed by a number of New York-based high net worth family offices. Debt finance for the deal was provided by Fairfield Real Estate Finance led by Chris Wilson and BentallGreenOak which was led by its Dublin-born vice-president Allen Crampton. While the figure paid by Westridge Real Estate represents a premium of 75 per cent on the €80 million price guided by Knight Frank auctioneers when they brought the property to the market last February on behalf of DIT’s successor, Technological University Dublin, the site is acknowledged as being one of the best redevelopment opportunities to have been offered for sale in the capital in recent years. The former DIT campus is located just 300m from the Luas Green Line stop at St Stephen’s Green, and sits within walking distance of the city centre. Photo: Sam Boal/
Sam Boal
5184 x 3456 pixels
04 September 2019