Tuesday 17 October 2017

Dublin site with planning for 129 houses for €5.75m

An aerial view of the site at Brook Lane in Rush, north county Dublin
An aerial view of the site at Brook Lane in Rush, north county Dublin
Ronald Quinlan

Ronald Quinlan

Joint agents REA GRIMES & WK Nowlan Real Estate Advisors are guiding a price of €5.75m for a prime, ‘ready-to-go’ development site in Rush, in north county Dublin.

The subject site benefits from full planning permission for 129 family homes on a site extending to circa 15 acres. The approved scheme is of a moderate density providing for nine family homes to the acre.

Given the lands’ location in an area of proven demand for housing within the Greater Dublin Area, selling agent Paul Grimes of REA Grimes believes the site presents an excellent opportunity for a would-be buyer.

Thanks to its existing planning permission, the prospective purchaser developer will be in a position to offer new family homes to the market by mid-2018.

REA Grimes’ Skerries office sold the adjoining housing development of Seabrook in more challenging times for the economy, and based on that experience, Paul Grimes is confident the subject site will be much sought after.

Mark Johnston of agents WK Nowlan adds: “The site offers significant opportunity for a Tier 1 or Tier 2 developer, who maybe immobilised in north county dublin area, to move to site by the end of the year. The absence of planning risk in this sale is an obvious

attraction, which in my opinion will generate strong demand from the outset”.

Elsewhere in north county Dublin, agents JLL are marketing three parcels of land within the Northern Cross development on the Malahide Road. Located within a Strategic Development and Regeneration Area (SDRA), the lands will have a particular appeal to the developer market. Detailed planning permission had previously been granted for 102 apartments and retail on one of the sites.

Northern Cross was developed by Spectrum Developments, a subsidiary of the Walls Group and is a successful mixed-use development with over 500 apartments, modern offices, the Bewley’s Coffee headquarters, the Hilton Dublin Airport Hotel and a range of retail offerings.

Taken together, the three sites extend to a total of 2.92 acres. JLL intends to offer the lands for sale by private treaty in four lots, ie, with each site being sold separately, or all together as a single lot.

Daragh Sheehan of JLL’s development land division says: “There is an appetite for development land sites which can deliver developments of scale and these three sites have the added advantage of being located within an already successful, modern, mixeduse development.

“This should result in healthy demand from developers as the recovery of the property market continues to spread outside of the city centre.”

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