Developers and investors focussed on the supply of accommodation for Dublin’s prime residential property market will be interested in the opportunity presented by the sale of the Paper Mills in Clonskeagh.
Located on the 3.14 acre (1.27 hectare) site of the former Smurfit paper mill, the proposed scheme is being offered for sale by Gannon Homes with full planning permission for the development of 126 apartments. The Clonskeagh Road site also includes an existing terrace of 10 period houses with planning permission for refurbishment.
The Paper Mills is expected by selling agent, Knight Frank, to attract interest from parties involved in the delivery of homes for both the owner-occupier market and the private rented sector (PRS). While a guide price has not been set for the site, it is expected to secure between €18 million and €20 million.
Designed by CCK Architects, the approved apartment scheme comprises 25 one-bedroom units, 98 two-bedroom units, and three mews/penthouse units. The development will occupy a high-profile site with excellent frontage to both Clonskeagh Road and the River Dodder.
The scheme is set to take full advantage of this setting through the provision of over 18,000sq ft of private balcony space across its apartments, and a proposed riverside walkway.
Developer Gerry Gannon acquired the old Paper Mills site as part of Gannon Homes' overall €115 million purchase of the K Club with Dr Michael Smurfit in 2005. He subsequently sold his 49 per cent stake in the exclusive Kildare country club to Dr Smurfit in 2012 for around €40 million.
Gannon’s sale of the Paper Mills scheme offers the prospective purchaser the opportunity to deliver the first major residential development in this area of Clonskeagh in nearly 20 years.
The subject site is located within a long-established and much sought-after residential neighbourhood, and within close proximity to Donnybrook, Ballsbridge and Dublin city centre. It is also convenient to the main campus of UCD at Belfield. In terms of connectivity, the Paper Mills affords easy access to both the N11 and M50 motorway, the Luas green line and numerous Dublin Bus routes.