Joint Venture presses ahead with Dublin “U2 Studio” Office Plan

Posted on 26 August, 2015 by Cliff Goodwin

The site of a Dublin music studio — where more than a dozen international artists including U2, the Rolling Stones and Kylie Minogue recorded some of their biggest hits — is being redeveloped into a 120,000 sq ft office block.

Joint-Venture-presses-ahead-with-Dublin-U2-Studio-Office-Plan

Windmill Lane Partnership (WLP), a 50-50 joint venture between Hibernia REIT and an affiliate of Starwood Capital Group Global, will now develop the one-acre site in the capital’s South Docks after the controversial demolition of the empty Windmill Lane Studios earlier this year.

Although the actual studio business moved to new premises in 2006 the original location, including a 20-metre section of graffitied wall, is still a mecca for tourists and fans from around the world.

WLP, which says it will appoint a contractor this autumn, has refused to comment on pressure from local conservationists to incorporate the surviving wall into the new development. The partnership has received planning permission for over 120,000 sq ft of offices and around 7,000 sq ft of retail space. There will also be 15 residential units.

The scheme is part of a quadrant of adjoining or adjacent Hibernia-owned assets in Dublin’s South Docks. The studio site was acquired by Hibernia from Starwood in June, 2014, for €7.5m (£5.4m) with Starwood offered an option in a 50:50 joint venture partner.

“The development of the Windmill Lane site will deliver best in class new office space in central Dublin at a time of significant shortage and we have made good progress since acquiring the Site,” explained Kevin Nowlan, chief executive officer at WK Nowlan REIT Management which is acting as the scheme’s investment manager. “We look forward to working with Starwood to complete this exciting project.”

A plan to replace the historic studio with a six-storey office block was first mooted in September, 2008. That project foundered during the global crisis. Seven years on WLP hopes to have its scheme completed by the end of 2017.

More widely known as “U2 Studio”, the three-storey Windmill Lane Studios was opened in 1978 and originally specialised in recording traditional Irish music. It attracted international recognition after U2 recorded their first three albums there opening the way for other bands and singers such as Van Morrison, Sinéad O’Connor, Elvis Costello, Gabrielle, Kylie Minogue, The Spice Girls, Kate Bush, New Order, REM, the Rolling Stones and The Corrs.

A host of award-winning film soundtracks have also been recorded at the studios, including those to A Room with a View, The Remains of the Day, The Mask, The Tailor of Panama, The Grifters and My Left Foot.




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