Friday 25 May 2018

€950k for prime residential site at heart of D2 political beltway

An aerial view of the site at No 16 Fitzwilliam Lane in Dublin 2
An aerial view of the site at No 16 Fitzwilliam Lane in Dublin 2
Ronald Quinlan

Ronald Quinlan

Agent Robert Colleran is guiding a price of €950,000 for a prime infill residential site on Fitzwilliam Lane in Dublin 2.

Located to the rear of the five-star Merrion Hotel and less than 100 metres from the entrance to Government Buildings, the subject property presents what Colleran describes as an "extremely rare" opportunity to secure an infill site with capacity for two town houses in this prime location

No 16 Fitzwilliam Lane is zoned objective 'Z1' (Sustainable Residential Neighbourhood) under the terms of the Dublin City Development Plan 2016-2022. The property has full planning permission in place to build two three-storey townhouse buildings with a net internal floor area of 148 sq m (1,593 sq ft) each.

While the completed properties would be suitable for owner-occupiers, two locally-based estate agents suggested the houses would be capable of achieving monthly rents of between €4,000 and €5,000, owing to their design and location.

To put the strength of the market within the Leinster House political beltway in perspective, Apartment 3 at the Merrion Hotel, a 220 sq m (2,368 sq ft) two-bed unit was sold earlier this year for €2.9m.

The subject property is located directly opposite the entrance to the Merrion Hotel gym, Spa and famous Cellar Bar. It sits within a short walking distance of Baggot Street, St Stephen's Green and Merrion Square, and numerous of the city's most-significant buildings and amenities including the National Art Gallery, National Library of Ireland, the National Museum, Natural History Museum, Dail Eireann, and the Shelbourne Hotel.

It is worth noting that the sale of 16 Fitzwilliam Lane will not attract VAT as the property is being sold as a company, allowing reduced stamp duty costs for the prospective purchaser.

Robert Colleran says: "This is an exceptional opportunity to acquire a prime in-fill development site at the rear of the Merrion Hotel in the heart of Dublin 2. The property has full planning permission in place for two magnificent three-storey townhouses that should appeal to developers, who may look to sell on the houses either to wealthy empty nesters trading down from large houses to live in the city, or to executives that want to work and live in the city".

For further information on 16 Fitzwilliam Lane, interested parties should contact Robert Colleran by emailing robert@robertcolleran.com or by calling 087 290 6849.

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