CBRE have been instructed to handle the disposal of a residential site at Ballynakelly Court, Newcastle, Co. Dublin.
The subject property is located just off Main Street in Newcastle village. The town is said to be an "attractive" residential suburb of Dublin approximately 20 km south west of Dublin City Centre. The surrounding area comprises a mix of residential and commercial uses.
According ot the agents, the site offers "excellent" development potential for a residential scheme, subject to obtaining the necessary planning permission. The property comprises a cleared infill site which extends to approximately 0.134 hectares (0.33 acres). The site is described as being regular in shape and level in topography, making development relatively straightforward.
The site is zoned 'A' (Residential) under the South Dublin County Council Development Plan 2010 - 2016.
Peter Garrigan who is handling the sale, believes the property will appeal to developers/investors as it is situated in an established residential location and offers an excellent development opportunity (S.P.P). Prospective purchasers may see the potential to generate rental income from the site in the short term while submitting a planning application for a residential scheme.
CBRE are quoting a guide price of €200,000 for the property.
A number of small scale residential sites have come in the market in recent months as sel;lers look to take advantage of prices that have begun rising after being stagnant for years.
The well documented shortage of quality housingin the Dublin area is also helping the market as developers seek land with planning permission already in place. Having planning permission already secured could theoretically cut as much as 18 months off the development process.
Sunday Indo Business