Developer in move to build 150 apartments in Dun Laoghaire
The McGrath Group, the family-owned Irish property firm, plans to build more than 150 apartments in three projects in the Dun Laoghaire area, and is due to start work on one of these projects in the near future.
Located at Johnstown Road, just off the N11, the first of the projects will comprise 49 units of which 23 will have one bedroom each; 21 will have two bedrooms and four will be duplex units with two bedrooms. The scheme will also have a three-bedroom unit.
These are designed for the rental market and already the group has had offers over €20m from investors wishing to acquire the units when completed.
Rents could be in the region of about €1,700 per month for one-bedroom units; €2,100 per month for two-bedroom apartments and €2,350 per month for duplexes, while the three-bedroom unit could fetch about €2,600 per month.
The project is expected to be completed before the end of 2020.
When the 0.67 acre development site was offered for sale two years ago, the agent Cushman & Wakefield had been guiding more than €2m.
The group has not ruled out retaining it as part of its own property investment portfolio but won't decide until after it has secured planning permission for an apartment development on the neighbouring 0.64 acre New Prague property which McGrath recently acquired.
Agents Sherry FitzGerald had been asking €1.35m for New Prague and it is believed to have sold for well over that figure.
McGrath is expected to lodge a planning application for a similar size scheme which could bring the combined development to around 100 units.
Johnstown Road connects Cabinteely Village to Glenageary, Killiney and Dalkey. It is also within walking distance of the office complexes on Pottery Road.
Closer to Dun Laoghaire urban centre, the group recently received planning approval for 56 apartments at the former Richmond Cheshire Home site at Richmond Park, Monkstown.
These will be built in two, four-storey blocks and 24 of the units will be one-beds, 24 will have two bedrooms and there will be eight three-bedroom units.
In 2016 the Irish Times reported that this 2.34 acre property was sold for more than €5m.
A family business led by siblings PJ, Mary and Tom McGrath, the group has undertaken a number of apartment projects in Dun Laoghaire including The Crofton and Brook House which they converted from offices. Brook House is a 22-unit complex on Corrig Avenue.
Meanwhile the group is also in the process of redesigning its plans for a 3.2 acre site in Palmerstown, West Dublin, after Bord Pleanala declined permission for 305 apartments last January.
Overlooking the Chapelizod bypass, the site on Kennelsfort Road has been occupied by car retailers and furniture shops.
While McGrath's plans had also included a crèche, gym and community sports hall, they showed a substantial reduction in retail space compared to previous plans for the site by another developer.