Grange apartments go on sale with €135m price tag
A portfolio comprising 274 luxury apartments and lands with the potential to deliver hundreds of additional new homes in south county Dublin is expected to see intense competition among investors and developers when it goes up for sale today.
The Grange portfolio in Stillorgan is guiding a price of €135m and is being billed as the largest single residential investment and development deal the capital has seen in recent years.
Joint agents Knight Frank and Cushman & Wakefield are offering the portfolio to the market on behalf of Nama in one to three lots.
Lot one comprises 274 one-, two- and three-bedroom apartments and penthouses together with the benefit of basement car spaces.
Lot two consists of a residual undeveloped portion of The Grange complex that fronts both the N11 and Brewery Road. Extending to four acres, the lands have the potential to accommodate an additional 263 apartments, subject to the necessary planning permissions being obtained.
Lot three consists of the entire portfolio.
The wider Grange development encompasses the apartments and lands now being brought to the market, as well as numerous other apartments sold to owner-occupiers and investors previously.
All told, the scheme extends across an 11.3 acre site which had been home originally to the Irish headquarters of petroleum giants, Esso. In 2004, Glenkerrin Homes chief Ray Grehan paid over €85m to a consortium of investors led by property financier Derek Quinlan's Quinlan Private for the lands. Mr Grehan brought the first phase of the Grange to the market in 2005 as the boom was approaching its peak.
Prices for one-bed apartments at the concierge-serviced development started at €425,000 at the time of its original launch.