Tuesday 11 December 2018

Blackrock site sells for €2.4m - 23pc above guide

An aerial view of the site at Shandon Park
An aerial view of the site at Shandon Park
Ronald Quinlan

Ronald Quinlan

A 0.41-acre residential site at Shandon Park in Blackrock, south county Dublin, with planning permission for six houses, has been sold for €2.4m.The price paid represents a premium of 23pc above the €1.85m reserve set by agent Cushman & Wakefield when it offered the property for auction last week.

Located within close proximity to Alma Road and Monkstown Road, the site at Shandon Park is just 1km south of Blackrock village, 1km west of Monkstown village and 10km south of Dublin city.

While there is planning permission for seven houses across the subject site and a retained portion, the retained portion (which has planning permission for one of the properties) was not included in the sale.

The planning permission provides for the development of four four-bedroom, 2.5 storey, terrace dwellings extending to 141.5 sq m (1,523 sq ft); two four-bedroom, 2.5 storey, semi-detached dwellings extending to 160 sq m (1,722 sq ft); and one four-bedroom, two-storey, detached dwelling, extending to 195.5 sq m (2,104 sq ft).

While the €2.4m paid at last week's auction equates to a significant average cost of €400,000 per plot for the purchaser, it is indicative of the strength of the market for development land in south Dublin

Only recently, Oakmount, a company controlled by Paddy McKillen Jr and Matt Ryan, paid €30m for a 9.7 acre site at Temple Road in Blackrock. Formerly owned by the Daughters of Charity of St Vincent de Paul, the site has the potential for 252 residential units and a crèche, according to a feasibility study by O'Mahoney Pike architects.

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