DundrumSiteTwo Galway businessmen look set to make a handsome profit on a site in Dundrum village which now has planning permission for a ready-to-go apartment scheme.
Bought two years ago for a figure believed to be under €6 million, the site now has full planning for 80 apartments and carries a suggested price tag of €16 million. The site - in Dundrum village, with the Luas close by - is being sold for Michael Burke and John Staunton and is likely to attract a premium price given the lack of ready-to- go development opportunities in prime locations.
The land is located on the Ballinteer Road in the village, fronting the new Dundrum relief road adjacent to the Dundrum shopping centre. The 1.14acre site comes with permission for 80 apartments in a six-storey over basement building that has provision for 118 basement car-park spaces. The scheme provides for a mix of one, two and three-bedroom units and a few penthouse units with about 196sq m (2,115sq ft) of living space.
The plans provide for 22 one-bedroom, 45 two-bedroom and eight three-bedroom apartments and a three-bedroom penthouse unit. The plans were drawn up by HKR Architects. Selling agent Kelly Walsh believes the apartments could cost from about €500,000 for the smallest ground floor units up to €2 million for the penthouse suites.
The agent suggests that price increases at nearby schemes, including Rockfield and Southmead, are indicative of what is likely to transpire when these new units go on the market.
The property will be sold by tender on November 30th. Garvan Walsh and Jeremy Kelly of Kelly Walsh Property Advisors and Agents will be handling the sale. This is one of the few public sales by Kelly Walsh since the company's establishment over two years ago. It has handled transactions worth over €400 million in that time.
