With many of the major international funds now turning their attention to sites with planning approval for large apartment developments or completed schemes, Savills is gearing up for the sale of a north Dublin site with planning permission for 358 apartments.
The selling agent is guiding in excess of €18 million for the 6.75 acres at Swords Road in Dublin 9, which also has planning approval for 10.76sq m (8,706sq ft) of commercial space. An Bord Pleanála granted planning permission in December 2011 for 358 apartments in seven blocks, varying in height from five to seven storeys. The permission has been extended to February 2022.
A feasibility study by architects Fenton & Associates found scope to increase the number of apartments to more than 400 without necessarily increasing the gross floor area.
The planned residential development will have vehicular access from the Swords Road with 105 car parking spaces at surface level and another 413 in the basement. There is also planning approval for a creche in a two-storey building on the northern side of the site.
John Swarbrigg of Savills, who is handling the sale, said the exceptionally well-located site and scale of the offer made is ideal for both development and sale as well as the rental market.
“Dublin is still very much in a period of undersupply when it comes to residential property, and apartments in particular. Therefore we expect strong demand from investors and developers.”
The site has considerable appeal because of its location within a 10-minute drive of Dublin Airport and a short walk from Dublin City University and Omni Shopping Centre in Santry. The site is well catered for by10 Dublin Bus services and will eventually figure on the proposed Metro North subway, which is due to have a stop 1.5km from the property at Griffith Avenue.