Summix Capital, a real estate developer based in the UK, has procured the former central Dublin offices of Independent Newspapers on Middle Abbey Street. Though the terms of the Independent House transaction remain unknown, it is believed Summix Capital paid fashion retailer Penneys around €8 million for the once home of the Irish Independent, Sunday Independent and Evening Herald newspapers. This figure indicates a 33% premium over the €6 million Primark, Penneys’ parent company, paid in 2013 when they bought the building from administrators.
This 1920s property was initially part of Arnotts’ “Northern Quarter” retail district plans before getting acquired by banks in 2010. These plans were dropped off when Independent Newspapers’ then-parent company, INM (Independent News & Media) sold it for €26 million in a private transaction in 2003. Since then, the building has been inactive.
Despite reports in the previous year stating Primark’s attempt to seek a development partner for turning the property into a hotel or office space, this strategy didn’t go ahead.
With a strong track record in urban rejuvenation projects in the UK and Ireland, Summix Capital is now planning to refashion the iconic property into a 280-bed student-accommodation facility.
Situated within 87-93 Middle Abbey Street and Princes Street and neighbouring to O’Connell Street, Independent House includes multiple buildings across an overall area of 10,600sq m (114,000sq ft) on a 0.29 hectares (0.72 acres) site. However, considering its status as a protected structure, Summix Capital’s plan to renovate and modify the property into student accommodation is a daring move.
Previous owner Primark had presented a submission to An Bord Pleanála in November, appealing for the building to be excluded from the new Residential Zoned Land Tax (RZLT). They claimed its suitability for residential conversion was compromised due to the building’s protected status, “site contamination” from daily printing activities and a flooding risk.
The board’s examiner found that Primark hadn’t presented strong evidence to suggest that the development issues it raised couldn’t be overcome. Subsequently, the land was included in Dublin City Council’s RZLT maps.
Summix Capital’s Executive Director, Niamh O’Connor, expressed her excitement following the acquisition of Independent House. She spoke of her company’s intention to renovate the iconic city building and form a new community around it.
The plans for Independent House’s transformation involve the creation of modern, tailored student accommodation in the city’s heart. This area is already witnessing considerable changes and redevelopment.
Middle Abbey Street, a bustling trade district and Dublin’s public transport hub, is right outside the doorstep of Independent House. With the Luas red and green lines and city’s buses all converging here, the location offers impressive connectivity to Dublin’s university campuses and other amenities in the city for prospective student residents.
The deal for Independent House was negotiated by Savills’ Ebba Mowat.