Over €55 million for top residential site in Dublin 15

A site of over 12 acres beside the Royal Canal in Ashtown could accommodate around 500 homes, writes Jack Fagan

A well located site for almost 500 homes going for sale today along the Royal Canal at Ashtown, Dublin 15, will mark the culmination of an unprecedented run of residential land sales.

Mark Reynolds of Hamilton Osborne King is quoting over €55 million for the site of almost 5 hectares (12.36 acres) which is to be sold at tender on July 13th.

The site at Rathborne is zoned for residential use and, according to a feasibility study prepared by architects McCauley Daye O'Connell, it could accommodate 497 homes - 60 per cent of which will be apartments, 20 per cent townhouses and another 20 per cent duplex units.

Alternatively, the purchaser may choose to opt for a scheme comprised entirely of apartments which would open the way for a higher density development.

Reynolds contends that premium prices are being paid for new homes in areas where there are good transport services. In this case, the site is beside the Ashtown Railway Station and also has a good bus service.

The site is being sold for Castlethorn Developments, developers of the Dundrum Town Centre, who are also heavily involved in several major residential projects. The company is the lead developer at Adamstown, a new town in west Dublin, and recently paid €160 million for 52 acres at the Woodbrook Estate in Shankill. The proceeds of Rathborne will be reinvested in these two projects.

The decision to sell has apparently been triggered by the need to concentrate company resources, both management and construction, on delivering the huge Adamstown project.

Castlethorn has already completed almost 1,400 apartments at Rathborne while another 300 are being handled by Capel. The overall development is acknowledged as one of the best in the Dublin suburbs in recent years. The latest phase of 250 homes in an area known as "The Village" is due to be completed this autumn. It will also include 15 retail units which will accommodate a range of services, including a convenience store, restaurants, bar, pharmacy, hairdressers and flower shop. About 200 of the 250 apartments have already been sold off the plans and the remaining 50 are due to go on the market in September. Two-bedroom units sold for between €370,000 and €395,000 while one-bedroom homes made around €290,000.

Meanwhile, Castlethorn is awaiting a ruling from An Bord Pleanála on a decision to build another 350 apartments along the city end of its Rathborne site, next to where Sean Mulryan's company, Ballymore, is developing another large apartment scheme, Royal Canal Park. Ballymore has already built and sold about 600 apartments and is expected to proceed with a further 700 units over the next few years.