Malahide and South Circular Rd residential development sites on offer to feed boom
The near-unprecedented demand for residential development land in the capital and the Greater Dublin Area is sure to spur significant interest from developers and investors in a number of sites which have just been offered for sale by agents JLL and Cushman & Wakefield.
JLL for its part is marketing three parcels of land within the Northern Cross development near Malahide, North Dublin.
Located within a Strategic Development and Regeneration Area (SDRA), the lands will have a particular appeal to the developer market. Detailed planning permission had previously been granted for 102 apartments and retail on one of the sites.
Northern Cross was developed by Spectrum Developments, a subsidiary of the Walls Group and is a successful mixed-use development with over 500 apartments, modern offices, the Bewley's Coffee headquarters, the Hilton Dublin Airport Hotel and a range of retail offerings.
Taken together, the three sites extend to a total of 2.92 acres. JLL intends to offer the lands for sale by private treaty in four lots, ie, with each site being sold separately, or all together as a single lot. Daragh Sheehan of JLL's development land division says: "There is an appetite for development land sites which can deliver developments of scale and these three sites have the added advantage of being located within an already successful, modern, mixed-use development.
"This should result in healthy demand from developers as the recovery of the property market continues to spread outside of the city centre."
Sheehan adds that: "The surrounding area has experienced healthy levels of construction of late with residential schemes at Belmayne and Balgriffin Park under way, and selling well, I understand.
"The current development plan has also identified the area as a Strategic Development and Regeneration Area (SDRA) and has proposed improvements to the local infrastructure. Overall, the location is set to see high volumes of construction and development in the short to medium term," he says.
Over on the southside of the capital, selling agents James Smith and Elizabeth O'Hara of Cushman & Wakefield are seeking offers in excess of €600,000 for a 0.4-acre brownfield site in Dublin 8.
Site 4A Greenville Avenue is situated parallel to the South Circular Road and Parnell Road, and is strategically located close to the areas of Harold's Cross, Crumlin and Kimmage.
The property adjoins the White Swan Business Centre and is a short distance from another site at Donore Avenue that Cushman & Wakefield sold 18 months ago for €1.87m.
The site in its current layout consists of an irregular-shaped brownfield site of approximately 0.4 acres. There are a number of light storage units and an office building on site. The property is zoned objective Z6 under the Dublin City Council Development Plan 2016 - 2022, which allows for enterprise & employment-related uses.
Importantly, residential is classed as a use open for consideration under the existing zoning and the property has been identified as being liable for the vacant site levy. The agents maintain that this designation suggests the property is regarded by Dubllin City Council as having potential for redevelopment.
James Smith & Elizabeth O'Hara of Cushman & Wakefield say: "The site is likely to attract a lot of interest from building sub-contractors who will be keen to take advantage of its strategic location and redevelopment potential."