Business Irish

Wednesday 21 February 2018

Compact development opportunities in Dublin

A number of compact property development or redevelopment opportunities in sought-after areas of Dublin have come to the market in recent weeks.

In Dublin 6, a 0.3 acre property known as Little Grove contains a derelict bungalow at 45A Milltown Road, near the junction with Eglinton Road and Sandford Road. Agents Lisney are asking €500,000.

Previous owners secured a range of planning permissions. These include a development of five large houses in 2008, and a 41-bedroom nursing home in a three-storey over-basement block was granted in 2010.

It is beside the upmarket Grove House apartments, close to the Mount Sandford residential development and almost opposite The Milltown Institute.

As well as shops on Milltown Road, the amenities of Ranelagh are within walking distance. The property is being sold on behalf of receiver Edward Lyons of Mason Owen and Lyons.

Meanwhile, the asking price for a Dublin 2 city centre development site has been slashed from €1m to €700,000. The 0.155-acre site at Grattan Court off Grattan St is located between Lower Mount St and Grand Canal St and about halfway between Grand Canal Harbour and Merrion Square.

The site had planning permission for retail on the ground floor with eight apartments overhead and 12 underground parking spaces in a development ranging in height from three to five floors. While that permission has expired, the agents Colliers say that, in the current market, it may present an opportunity to develop a terrace of up to six duplex units with integrated car ports.

At present, a house, office and yard on the site are being let separately and generating rent of about €2,000 per month.

Colliers have also cut the asking price from €550,000 to €350,000 for a detached commercial building off Tubbermore Road close to Main St in Dalkey, Co Dublin.

It is located on a 0.20-acre site which has potential for redevelopment as either residential or commercial use.

Formerly an audiovisual studios, the single-storey building known as Willow House is divided into nine rooms as well as a kitchen and toilets. Ron Cregan of Colliers says that, as it's close to Castle St and Dalkey Dart station, it may offer an opportunity for use as a gallery.

In Howth a double-fronted, three-storey period property with views over Howth Harbour is being offered for sale for €315,000. Located at 3 Abbey Street, Howth, the agents McPeake Auctioneers point out that the 267sqm building has potential for either commercial of residential use, but it needs substantial refurbishment or redevelopment.

Meanwhile in Kildare town, Jordan Auctioneers sold a 30-acre site within days after it had been withdrawn at auction. The site at Ruanbeg, on the Dublin side, near the Curragh, had a €300,000 guide price and was sold for a sum in excess of this figure. Currently in agricultural use, it has planning permission for 204 houses and a small neighbourhood centre.

Irish Independent

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