Saturday 25 November 2017

Mixed use 'island site' with 230m road frontage goes to market for €2.75m

Tara Fitzsimons

A high-profile mixed-use development and investment opportunity on the Malahide Road in North Dublin has just been brought to the market through Savills, with a guide price of as much as €2.75m.

The site is the former Crossan Motors site adjacent to Clarehall Shopping Centre – known mostly for the Tesco hypermarket there – and Albany Homes' Clare village. The Hilton Hotel is also located close by.

It is being brought to the market on behalf of Receiver Aiden Murphy of Crowe Horwath.

The property extends to approximately 2.7 acres and includes a Topaz filling station currently producing €70,000 under a short term letting.

The site also includes some 1,450sqm of vacant commercial space and yards used as car showroom/workshops up until the demise of Crossans.

Savills says there is "excellent scope for additional rental income to be generated in the short term".

The property is effectively an island site with 230m road frontage onto Malahide Road and access at three points close to Tesco at Clarehall.

It is zoned Z14 (strategic development and regeneration area).

This flexible zoning objective allows for a mix of potential uses such as residential, shop, restaurant, offices, medical, petrol station.

EXPIRED

The property had also previously been granted planning permission with conditions for a proposed large mixed use scheme of residential units, retail units, offices and crash of a basement car park. The permission has now expired.

Jonathan Preston of Savills Development Division claims there is already interest and believes that this site will appeal to a "broad market due to the location, exceptional frontage, current income, scope for additional income and its obvious potential for a mixed use development of retail and residential".

"It's likely that the site will appeal to many owner occupies also," he added.

This is the latest car showroom to hit the market in recent months. Last year, a showroom in Liffey Valley in Dublin that had been owned by Bill Cullen hit the market with a guide price of €3.5m.

In 2011, industry veteran Frank Keane re-opened Maxwell Motors in Blackrock after it had been in receivership for more than three months.

Earlier this year former Appleyard Motors facility in Stillorgan Industrial Park in south Dublin sold to Spirit Motor Group for close to €1.5m and the former Legrande Garage in Stillorgan, Dublin 18, sold to Merrion Fleet for approximately €1.2m.

A site occupied by Spirit Motors in Sandyford was brought to market six weeks ago.

Irish Independent

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