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Wednesday 27 August 2014

Five acres at Booterstown brought to market for €1m

Peter Flanagan

Published 02/02/2014 | 02:30

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Seafront site: The five-acre site beside the Dart line at Booterstown is on the market for €1m with Knight Frank

A site in one of the most sought-after locations in Dublin has been put up for sale with an asking price of €1m.

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Knight Frank has been tasked with selling the site, which the agents describe as a "unique development opportunity".

The five-acre parcel of land is situated on the seafront at Booterstown and has "spectacular" views across Dublin Bay.

Ideally located on the Merrion/Rock Road opposite Trimleston Avenue, the property is about 7km from the city centre.

The property comprises five acres of land and is located right on the much sought-after Dublin coastline.

It has about 159m of road frontage and is close to Booterstown Dart station as well as a host of bus services.

The lands are zoned in accordance with both Dublin City and Dun Laoghaire- Rathdown development plans for open space and amenity use.

Three acres are zoned 'objective Z9' which is "to preserve, provide and improve recreational amenity and open space and green networks" in accordance with the Dublin City Development plans for 2011 to 2017.

The remaining two acres are zoned 'objective F' which is "to preserve and provide for open space with ancillary active recreational amenities" in accordance with the Dun Laoghaire-Rathdown development plan, 2010-2016.

Perhaps unsurprisingly, given the location, Knight Frank is confident of "significant interest" in the site.

Agent James Meagher said this was "an excellent opportunity to acquire a very rare, high-profile five-acre site in the Dublin 4 area".

It is perhaps a measure of the impact that favourable zoning and planning permission can have on a site that Knight Frank's asking price for a site in one of the most desirable locations in the country is barely half the €2.2m achieved for a much smaller site at auction earlier this week.

That site in Clontarf was only 1.19 acres – little more than a fifth of the Booterstown site – but had full planning permission in place.

It had had an original guide price of €2m.

That planning permission allows for a residential scheme comprising 14 houses to be built in Clontarf made up of 12 semi-detached, one detached and one re-instatement.

It also had received an extension until August 31, 2017.

The northside land is zoned Objective 'Z2', "to protect and/or improve the amenities of residential conservation areas" under the Dublin City Development Plan 2011-2017.

Overall, the auction worked out at a price of €1.9m per acre.

Last October, another site in the heart of Dublin 4 sold for a pro-rated price of €9.6m an acre.

The quarter-acre site off Haddington Road was taken over by London based property developer Development Securities for €2.4m.

The site however had planning permission for a mixed-use development comprising 12 apartments, a 4,700 sq ft of restaurant and shops and 6,500 sq ft of offices.

That site is currently operated as a surface car park and requires about €5m of investment to make the situation work.

Irish Independent

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