Development site sold for 18% of boom price

An infill development site with planning permission for a mixed use development at Percy Place, Dublin 4, has been sold to a UK developer, Development Securities, for €2.4 million – a drop of no less than 82 per cent on the €13 million paid for it before the property crash.

CBRE handled the sale of the former coal yard off Haddington Road, which extends to 0.1 of a hectare (0.25 acre) and was bought during the boom by developer John Lally of Lalco Developments.

The new owner plans to spend €5 million on the development which will be carried out on a 50:50 basis with a local developer and funded through a mixture of equity and bank debt.

The site has planning permission for a mixed use scheme which includes a retail unit or restaurant extending to 435sq m (4,682sq ft), 600sq m (6,458sq ft) of offices, 12 apartments and 16 basement car parking spaces.