Monday 23 October 2017

Three development sites arrive on the market for total of €4m

The site at Clontarf Road, which is guiding at €2m
The site at Clontarf Road, which is guiding at €2m

Tara Fitzsimons

THREE development sites in Dublin have hit the market with a total value of more than €4m.

CBRE has been appointed as agents to dispose of 25-27 Drumcondra Road Upper on the instructions of receiver Michael Hogan of Capital Assets.

The property is being offered by private treaty as one or more lots, with a total asking price of €1.5m.

It comprises a single-storey garage and a two-storey creche on an entire site area of slightly more than a quarter of a hectare. Drumcondra Road is the main access point for both properties.

CBRE's Wesley Rothwell claimed the site is "irregular in shape and benefits from excellent profile onto the Drumcondra Road".

The garage comprises a single storey industrial property which extends to some 590sqm with 16 car spaces to the front and a rear yard area. It is occupied by Atlas Tyres and Auto centre at a passing rent of €66,000 per annum.

The creche meanwhile has an area of 665sqm over two storeys which was formerly a guesthouse. The property is currently occupied by "The Nest" Creche and Montessori school at a passing rent of €40,000 per annum.

Mr Rothwell believes the site has been presented in "good condition throughout and benefits from three car parking spaces to the rear".

The property is situated in an area zoned Objective 'Z4', which is, 'to provide for and improve mixed services facilities' under the Dublin City Development Plan 2011-2017.

Planning permission has been granted for the demolition of the existing garage and creche and construction of a part two-storey, part three- storey mixed use building providing restaurant, food store and office use.

The granted scheme comprises 3,258sqm incorporating a food store of 1,350sqm; offices 727sqm, ancillary accommodation and 37 surface car spaces.

Both properties are being offered to the market individually or as one lot.

Mr Rothwell commented: "This property will appeal to both investors and developers as it comprises a high-profile site which benefits from short-term rental income.

"The site has extensive frontage onto the Drumcondra Road and convenient access to the city centre and M1 motorway," he added.

Meanwhile, CBRE and McCabe auctioneers have been instructed to offer a 0.47 hectare site in Clontarf for sale by private treaty.

The site has a guide price of €2m.

Mr Rothwell said the site offers "excellent development potential and has the benefit of full planning permission".

"The planning allows for an exclusive residential scheme comprising 14 houses (12 semi-detached and 1 detached and 1 re-instatement). The scheme comprises 13 250sqm four-bedroom houses and one two-bedroom of 120sqm. An extension to the duration of this planning permission has been granted until the end of August 2017.

The property is zoned Objective 'Z2', 'to protect and/or improve the amenities of residential conservation areas' under the Dublin City Development Plan 2011-2017.

Mr Rothwell added the site provided an opportunity for a developer "to acquire a ready to go residential development site situated in an established Dublin suburb which is a proven sales location".

The third property is a 0.21 acre site in Dun Laoghaire, south Dublin, which CBRE say offers "excellent development potential". It is being offered for €750,000.

The property is currently a derelict warehouse building and a three-bedroom semi detached home.

The property benefits from full planning permission for a hotel with basement car parking.

It is believed that negotiations have been entered into with the local authority and a purely residential scheme could be achieved on site subject to planning permission.

The site is zoned "MTC" (Major Town Centre), which is 'to protect, provide for and/or improve major town centre facilities' under the Dun Laoghaire/Rathdown County Development Plan 2010-2016.

CBRE's Paul Callanan commented: "There is an opportunity for a developer to acquire a ready to go residential development site situated in an established Dublin suburb which is a proven sales location".

Sunday Independent

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