Knight Frank is guiding a price of €45m for a site in the wealthy seaside suburb of Blackrock, Co Dublin, with planning permission for multiple apartment blocks.
The prime 10-acre site on Temple Hill was previously owned by the Daughters of Charity of St Vincent de Paul, and includes the stately St Teresa's House and gate lodge, as well as extensive grounds. It was bought for €30m three years ago by developer Paddy McKillen Jnr's Oakmount, which last year secured planning for development of 291 apartments, including 13 new one to eight-storey apartment buildings.
However, property agent Knight Frank said the site could accommodate as many as 493 to 521 units by including two increased-density build-to-rent apartment schemes, based on a comprehensive feasibility study by architects O'Mahony Pike, in conjunction with Brock McClure planning consultants.
When the existing planning was originally sought, An Bord Pleanála's own inspectors indicated the site could cater for additional building heights.
Height limits for the area have also been superseded by updated Urban Development & Building Heights Guidelines that removed blanket limitations in 2018.
The St Teresa's site is offered for sale in one or more lot, and includes frontage of more than 250m on to Temple Road, sea views, transport links and easy access to Blackrock village.
Knight Frank said the site "represents one of the finest residential development opportunities to come to the Dublin market in recent times and will be highly sought-after by a mixture of both domestic and international purchasers".
The area is in demand among renters, including those priced out of buying locally, Knight Frank said.