Redevelopment in Dublin City Centre with €5.75m guide
CBRE is guiding €5.75m for what it describes as a "truly rare" property at the corner of Adelaide Road and Harcourt Terrace in Dublin.
The property has full planning permission for 14 apartments within the existing listed structure in the heart of Dublin 2. The proposed development will retain the facade and original period features where the apartment layouts are designed for modern living.
The planned development will consist predominately of two and three bedroom apartments with a larger than average size of close to 1,000 sq ft. CBRE say the apartments are aimed at the higher-end purchaser or occupier.
If the development goes ahead it will include surface car parking and landscaped gardens.
According to CBRE, "The core Dublin market is seeing a lack of high-end residential developments while there is a significant appetite amongst developers and investors to deploy capital into this type of sector".
"This is driven by attractive capital values while we expect considerable growth over the coming 12 months when new build apartment schemes in the Dublin 2 and 4 area start to come to the market.
"With the little evidence we have seen to date in developments such a 55 Percy Place.
"There is pent up demand in the market place for bespoke residential developments in prime locations," the agents added.
"While we see this being of strong interest to traditional developers and property companies we have seen a huge appetite this year from private investors to acquire this type of residential product which represent very robust long term income when built out," it added.