Site for 500 units is sold for close to €12m

Plans: The Carriglea Estate apartments

Donal Buckley

October 17 2019 02:30 AM

Marlet Property Group has sold a 6.47-acre site with planning permission for 371 apartments at Carriglea Industrial Estate, Naas Road, Dublin 12, for close to its €12m asking price.

It is believed to have been bought by a purchaser associated with Liam Mounsey, who is a director of a number of property companies including Kelston Properties, Kelloway Ltd and Gainsmount Homes. The Carriglea planning permission includes more than 220 two-bedroom units as well as one and three-bedroom units in addition to four commercial and community accommodation including a crèche, gym and residents' lounge.

However, following changes to the planning guidelines which permit higher buildings than applied at the time that Marlet first sought planning permission, it is believed that the site might have capacity for up to 500 units.

Its planning permission included 358 car parking spaces at basement level and one-bed homes with floor areas of about 576 sq ft; two-beds with floor areas of about 915 sq ft; and three-bedroom units extending to 1,140 sq ft. The land is located about 150 metres from the Bluebell Luas Red line stop, which facilitates rapid access to the city centre, the IFSC, The Square in Tallaght and CityWest. The development will also be adjacent to Lansdowne Gate apartments.

Originally, Marlet offered the site as one of a portfolio of four sites, which together were branded as The Dublin Living portfolio with potential for 1,170 residential rented units which Marlet could develop. However, it was subsequently decided to sell them individually.