RTÉ considers €300m sale of its Montrose TV studios

RTÉ is considering the sale of its hugely valuable Montrose Campus in the heart of Dublin 4 as property prices rise.
The State broadcaster is examining ways of generating funds as it faces the likelihood that the proposed new broadcasting charge will not be introduced. This will increase the financial pressure on the organisation.

Director general Noel Curran “has pulled together a group of people to look at a full range of options to manage costs. The site is one element of this,” according to sources.
“It’s part of a range of things under consideration. This working group is at the very early stage of its proposal and the sale of the site is not policy”.

Curran has already cut millions in costs out of the broadcaster and would struggle to reduce expenditure further without damaging output badly. State consultancy group New Era has already looked at ways that RTÉ could reduce its spending.

Property services group CBRE is understood to have looked at options for the 30-acre Donnybrook site.
Home building sources have indicated that up to 3,000 apartments as well as offices and a shopping centre could be built on the site.

Last year a price of €11m per acre was paid for the veterinary college site in Ballsbridge. Property advisers have told the Sunday Independent that the RTÉ site could fetch between €5m to €10m per acre. This could generate €300m. RTÉ sources have downplayed that figure, with internal valuations pegged far lower.

Semi-State companies are coming under increasing pressure to sell off their Dublin land banks as property prices rise in the capital. Last week An Post tasked Jones Lang LaSalle with selling off a €40m site opposite the Facebook headquarters near Grand Canal Docks.

CBRE is also thought to be working on proposals for six sites owned by CIE, including Donnybrook garage and Ringsend Garage. CBRE did not comment.

CIE told the Sunday Independent that “We have no plans whatsoever to offload any sites in Dublin, or indeed develop Donnybrook or Ringsend – they are operational bus garages and are remaining so.”

The loss-making transport group is looking to “move on development at a number of sites” next year, including Tara Street and land at the back of the IFSC. It is thought that the ESB lands in South Lotts, adjacent to the rapidly expanding Google campus, are also of interest for developers. ESB told the Sunday Independent that it had no plans to sell the depot.

The Government is examining ways to free up land for house building in the capital.
The sale of State-owned sites including Montrose, Cathal Brugha barracks in Rathmines, the Central Remedial Clinic in Dundrum and other sites closer to the City centre could provide enough space for 15,000 housing units, generating up over €3bn for the state in land sales and property taxes.