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Dublin 9 development site brought to market for €575k

A residential development site on the corner of Collins Avenue in Dublin 9 is being offered for sale for €575,000.

Work had begun on the construction of a 56-unit apartment development on the site, known as Stormonstown House, Ballymun Road.

Gary Neilson of Coldwell Banker says construction works have been completed to foundation and ground level with the underground car park complete to accom-modate more than 40 cars.

He believes that a developer could possibly convert existing structures in to houses and duplexes which might sell better than apartments in the current market. Of course a developer would need to seek a revised planning permission for such a move.

On the other hand, because it is a short walk from Dublin City University, a developer might resume construction work on the 56 apartments and duplexes with a view to the rental market catering for students or staff at the university.

Alternatively an investor may take a longer-term view with a view to holding it and availing of the capital gains tax exemption for invest-ments held until 2020. The existing work has been undertaken on the two blocks for which planning permission was approved.

Irish Independent