Sunday 22 October 2017

McKillen secures €30m Blackrock site

Developer Paddy McKillen. Photo: PA
Developer Paddy McKillen. Photo: PA
Gavin McLoughlin

Gavin McLoughlin

Property investor Paddy McKillen has won the battle for a prime 10-acre site in Blackrock, Co Dublin.

The site, formerly owned by the Daughters of Charity of St Vincent de Paul, has been secured with a bid of around €30m, the Sunday Independent has learned.

"We have purchased the site and are very excited about delivering 300 exceptional quality homes in Blackrock," a spokeswoman for Belfast man McKillen said.

The move marks a major push in the residential sector by McKillen, probably best known for his battle with the Barclay brothers over a number of luxury hotels in London.

The sale of the Blackrock site was handled by WK Nowlan Real Estate Advisors.

It includes a Victorian residence now known as St Teresa's House, which was once the home of Lady Arnott, the wife of John Arnott who owned the department store bearing the Arnott name.

Lady Arnott was at one time the president of the Dublin Women's Unionist Club.

Adjoining the house, which dates back to 1862, are a number of vacant buildings. The property also contains a gate lodge.

It fronts on to Temple Road in Blackrock and is located around 350m south east of Blackrock village.

WK Nowlan Real Estate Advisors said the site offers "an exceptional opportunity to design and construct a high-quality residential scheme (subject to planning permission) in a highly sought-after residential area."

"A feasibility study, prepared by O'Mahony Pike Architects suggests potential for more than 231,500sq m of development for 252 new residential units (including the conversion of the existing St Teresa's House) and a childcare facility."

Last month, American singer Beyonce and her husband Jay-Z reportedly closed a $90m deal to buy a mansion in Los Angeles developed by McKillen's son Dean.

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