Sunday 27 May 2018

Killiney site with scope for 150 'high end' apartments for €9m

An aerial view of the 3.74-acre site on Church Road in Killiney, Co Dublin
An aerial view of the 3.74-acre site on Church Road in Killiney, Co Dublin

Ronald Quinlan, Commercial Property Editor

Agent Knight Frank is guiding a price of €9m (exclusive) for a substantial residential development in Killiney, south county Dublin.

Extending to 3.74 acres, the subject site is located adjacent to the Graduate Roundabout on Church Road. It currently comprises three detached houses and is situated in an established residential location. The land benefits from 190 metres of frontage on to Church Road, the Graduate Roundabout and Churchview Road.

Under the Dun Laoghaire-Rathdown Development Plan 2016 - 2022 the entire site is zoned Objective A - Residential, that is "To protect and-or improve residential amenity".

According to the terms of the development plan, sites "which are readily accessible to public transport corridors - QBCs, Luas, Dart - are to provide densities at higher than 50 dwellings per hectare."

The subject site adjoins Church Road, which is designated as a Quality Bus Corridor (QBC). The site benefits from excellent transport links, with Dublin Bus routes 7, 7a, 7b, 7d, 45a and 11 all stopping on Church Road directly to the front of the site, providing access to Dublin city centre. In addition, the Killiney Dart station and the Cherrywood Luas stop are in close proximity. The N11 is also in easy reach, providing access to Dublin city centre and the M50 motorway.

Taking these transport links and the provisions of the development plan into account, Mahoney Architects are currently in the process of finalising a feasibility study for the site which indicates that a scheme of 150 apartments with surface car parking could be accommodated on it subject to planning permission.

Commenting on the opportunity for residential development the Church Road site presents, James Meagher of Knight Frank says: "Given the dearth of such high quality sites of this scale, we expect strong interest emerging for this sale. Furthermore, with annual residential price increases well into the double digits, a developer is likely to secure premium prices for the units once the finished stock is available. The Killiney address would justify a high-end scheme."

Elsewhere in the capital, Knight Frank is guiding a price of €180,000 for a 0.1 acre (0.04 hectare) development site at Peters Place.

Located to the rear of the Hilton Dublin Hotel and accessed via Adelaide Road, the site is highly accessible with the Harcourt Luas stop within 250 metres and St Stephen's Green within 0.5km.

Under the current Dublin City Development Plan 2016-2022, the entire site is zoned 'Objective Z4', that is "To provide for and improve mixed-services facilities".

Permissible uses include office, car park, residential, shop, hostel, hotel, medical and related consultants, science and technology-based industry.

Uses open for consideration include financial institution, advertisement and advertising structures.

Sunday Independent

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