Clarehall site down by 91%
The site extends to 2.68 acres and includes a Topaz petrol filling station
A key site next to the busy Tesco-owned Clarehall shopping centre on the Malahide Road in Dublin 17, which was sold during the property boom to developer Paddy Shovlin for over €30 million, is back on the market with a guide price of €2.5–€2.75 million.
The premises originally traded as Crossan Motors and Albany Homes’ Clare Village and was sold to Shovlin around 2006. He subsequently secured planning permission for a high-rise, mixed-use development which included 190 apartments, offices and a basement car park. The permission has since expired.
The high-profile site extends to 2.68 acres and includes a Topaz petrol filling station currently producing a rent of €70,000 under a short term letting. There are also around 1,450sq m of vacant buildings and yards which were used up to recently as a car showrooms and workshop.
The property is effectively an island site with 230m of road frontage and three access points. Its Z14 zoning as a strategic development area will give new owners a range of options including a mixed-use scheme of residential, neighbourhood shopping, restaurant, office, medical centre and petrol station.
Preston said they had already registered interest in the site which he expected to appeal to a broad market because of the exceptional location, the potential for a mixed retail and residential development and the fact that it was already producing a significant income.
It will be no surprise if the site is bought by a petrol distribution company who would have the option of retaining the petrol sales area and selling off the remainder of the property.