Business Irish

Thursday 19 April 2018

Landmark sites for €1.5m plus range

Two development sites with commercial and residential potential have come on the market in Carrickmines, Dublin 18 and Greystones, Co Wicklow with price tags at €1.5m and €4m.

The 2.2 acre Greystones site, above, faces both the seafront and town centre and includes the former La Touche Hotel. Receiver Jim Luby of McStay Luby has cut his asking price from the €15 million sought in 2009 to €4 million.

The family of Thomas Hayden and sons Wayne and Paul had previously achieved planning permission on the site for 85 apartments and refurbishment of the hotel with 818sqm of retail and office use.

However, AIB appointed the receiver in 2008 and the loan on the property was later transferred to NAMA.

Now agent Garvan Walsh of Kelly Walsh says the site offers potential for a variety of uses, including retail development and nursing homes.

The property also includes Cliff Cottage with 0.35 acres and a guide price of €400,000 in the event of a possible separate buyer.

While the landmark hotel has suffered dilapidation over the years, the receiver recently spent a considerable sum in protecting the structure.

The same agents are also marketing an unrelated site beside The Park Retail Park in Carrickmines, Dublin 18 with a €1.5m price tag. This two acre property is owned by Durkan New Homes group.

The property has profile onto the M50 Junction in Carrickmines and frontage onto Ballyogan Road as well as access to a new distributor road directly into Park Retail Park, which attracts an average of 100,000 visitors per week.

Zoned commercial, the site can accommodate motor showrooms, retail and residential developments. As well as being serviced, it also benefits from the Luas green line plying between Cherrywood and St Stephen's Green.

Indo Property

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