D6 residential site for €2.25m
Agent Quinn Agnew is guiding a price in excess of €2.25m for a residential development opportunity located in Rathmines in Dublin 6.
The site at 3 Ardee Road adjoins the Central Statistics Office and St Mary's College just off Rathmines Road Lower, and is being offered for sale by tender on April 12 next.
While the subject property currently comprises an office/stores building extending to 625 sq m (6,727 sq ft), the site's Z4 zoning ("To protect and improve mixed service facilities") allows for residential development.
The site is rectangular in shape and extends to 0.19 acres with frontage of 74 ft to Ardee Road.
Manus Agnew expects that the property will ultimately be developed as apartments due to its strong location and the current demand for residential accommodation within the Dublin market particularly.
While indications are that the site would accommodate between 18 and 21 two-bed apartments, Agnew believes that the composition of accommodation on the site may alter following the publication by Housing Minister Eoghan Murphy of a draft update to the new guidelines for apartment dwellings.
This, he says, may alter and/or increase the indicated unit numbers and deliver favourable changes in terms of unit mix, sizes, and height.
It may also bring about a reduction in car parking requirements for apartment complexes.