Saturday 22 July 2017

St James's Hospital site with housing FPP at €1.5m

The property is located 150m from the entrance to St James's Hospital - the proposed site of the new National Children’s Hospital
The property is located 150m from the entrance to St James's Hospital - the proposed site of the new National Children’s Hospital
Ronald Quinlan

Ronald Quinlan

Agents Knight Frank are guiding in excess of €1.5m (exclusive) for a 'ready to go' development site in close proximity to the St James's Hospital Campus in Kilmainham, Dublin 8.

The property is located just 150m from the South Circular Road entrance to St James's Hospital which is set to form the main entrance plaza to the proposed New National Children's Hospital.

An Bord Pleanála granted planning permission on December 1 last for the construction of a mixed-use development comprising 11 residential units (eight duplexes and three houses) and 2,223 sq m of office space with 22 lower ground level car-parking spaces (subject to compliance drawings for one of the housing units).

Overall, the site comprises an infill development site of approximately 0.64 acres and enjoys the benefit of 100m of road frontage.

The property benefits from excellent transport links being situated within 450m (a five minute walk) of the Rialto stop on the Luas Red Line. The Luas journey time to Dublin city centre (Abbey Street) and the IFSC/North docklands is 15 minutes and 20 minutes respectively. The Red line will also connect with the new Luas cross city line once services commence later this year providing even greater accessibility for commuters.

Vehicular access to the subject site is via Brookfield Road.

Commenting on the opportunity the property represents, Kieran Bray of Knight Frank said: "This is an attractive 'ready-to-go' development opportunity in an area that will see significant regeneration in the coming years including the construction of the new National Children's Hospital on the doorstep of the site."

"Given the easily manageable lot size and the property's proximity to the Luas and other transport nodes, we would anticipate strong interest in the property," Bray added.

The Kilmainham site's attractiveness to developers and investors is heightened by the latest report on rents from the property website, Daft.ie, which shows that the average cost of renting a home has increased by €134 or 13.4pc nationally in the past 12 months.

In the case of Dublin, the increase has been even higher, with the result that rents in the capital are now averaging €1,784 on the south side of the city, €1,690 in the city centre and €1,553 on the north side.

In its most recent bi-monthly report, CBRE noted the "pent-up demand" for any development sites offered for sale.

"There is strong demand for zoned and serviced sites in the suburbs and within commuting distance of the capital which have the potential to deliver traditional lower density housing," CBRE said.

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