Singaporean fund pays €3.25m for high-profile Dublin industrial site
A Singaporean fund has paid €3.25m - or in excess of €1.5m per acre - for a high-profile site close to Dublin's landmark Walkinstown Roundabout.
While the 2.11 acre (0.85 hectare) site comes with planning permission for a 1,758 sq m (18,923 sq ft) food store, two retail units and a restaurant café, together with 99 surface car parking spaces, the current local development plan allows for residential-led regeneration.
Bryan Garry of selling agent QRE says he anticipates that the new owner will seek to revise the existing planning permission to take advantage of upsurge in Dublin's Build-to-Rent (BTR) and Private Rented Sector (PRS) markets.
QRE says it expects similar sales to take place during the course of this year as South Dublin County Council progresses it proposal to vary the zoning of approximately 440 acres (178 hectares) across the wider Ballymount and Naas Road areas, from enterprise and employment use to a residential-led regeneration use.
South Dublin County Council's move is in keeping with the policy of rezoning urban industrial estates and business parks now being pursued by Dublin City Council. Under its proposals, up to two-thirds of the lands currently zoned for enterprise and employment in Dublin city could yet be rezoned to accommodate the construction of thousands of new homes.
Having carried out an assessment of 82 industrial-zoned sites, Dublin city planners have determined that determined that 65pc should be rezoned for housing, with the remaining 35 percent of lands being retained for future employment potential.