Friday 6 December 2019

Development site in Dublin seeks €1.5m

The Ravensdale site in Dublin is on the market for €1.5m
The Ravensdale site in Dublin is on the market for €1.5m

Peter Flanagan

ALLSOP Space have been appointed to handle the sale of a site in the Dublin docklands with an asking price of €1.5m.

The Ravensdale Site off East Road is being sold as a development opportunity.

According to the agents, the site has significant potential for residential development, subject to planning permission.

The property is being sold by private treaty but if a deal is not agreed within a required time frame, then Allsop may sell it at auction at a later date.

The property contains various small office and industrial units at present comprising close to 545 sq m (5,871 sq ft) on a site extending to 7.75 acres, and is said to be of regular shape.

The property faces onto Ravensdale Road on Dublin's northside, close to the East Wall and the Dublin port tunnel.

The property is zoned 'Z1' in the latest Dublin City Development Plan 2011-2017 which is defined as "to protect and or improve the amenities of residential conservation areas."

Potential to develop a small infill residential scheme subject to obtaining the necessary planning permission, say Allsop.

The site is located in a residential area of the north docklands, accessible from Ravensdale Road off East Wall Road approximately. 1.5km from Dublin city centre.

The site is in close proximity to the IFSC, East Point Business Park and Spencer Dock.

According to Allsop's Rob Colleran, who is handling the sale, the subject property occupies a "convenient" size within easy reach of all major developments in the area.

The site also benefits with nearby Luas linking the site with the entire North Docklands and IFSC areas, the National Conference Centre at Spencer Dock, the NCI at Mayor Square, the Docklands mainline rail station along with Connolly Station with its Dart and mainline rail links and Busarus.

Allsop have been best known in Ireland for the numerous large scale auctions they have held but as the team has become more established in the Irish market, they are now moving out to more "traditional" sales methods.

The Ravensdale site is seen as a prime investment, especially given the shortage of housing in the city and NAMA's plans, revesaled last week, to build a "Canary Wharf" style development in the docklands in general, in the hope of attracting large scale foreign direct investment.

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