Hammerson puts €42.6m price tag on 88 Dundrum apartments for social housing

The owner of Dundrum Town Centre has put an indicative price tag of  €788,741 on three-bedroom apartments it is proposing to sell to a local council for social housing.

As part of its social housing obligations under planning legislation, UK property giant Hammerson is proposing to sell 88 apartments for an indicative price tag of €42.6 million to Dun Laoghaire Rathdown County Council.

The proposal under Part V of the 2000 Planning and Development Act represents 10 per cent of the €466 million 881-unit apartment scheme that Hammerson is proposing to build in Dundrum.

As part of the fast track scheme lodged with An Bord Pleanala, a subsidiary of Hammerson, Dundrum Retail GP, has confirmed that the Strategic Housing Development (SHD) proposal will include a 16 storey high apartment block at the northernmost point of the site.

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The scheme is to be made up of 11 blocks across four zones and the developers are seeking an eight-year planning permission to complete the ambitious plan.

The development would comprise 335 one-bedroom apartments, 85 two-bedroom three-person apartments; 379 two-bed four-person apartments and 82 three-bed apartments.

Social housing

As part of the proposed Part V social housing deal, the Hammerson subsidiary has also put an indicative price tag of €567,708 on the two-bed apartments and €385,301 on the one-bed units.

It is proposing to sell 46 one-bedroom apartments, 37 two-bedroom apartments and five three-bedroom apartments for social housing.

In a letter enclosed with the indicative costings, BMA Planning on behalf of the Hammerson subsidiary, states that “the estimated costs are intended to provide a reasonable estimate of the costs and values of the proposed Part V units based on construction costs and values prevailing at the time of this application”.

In a response to the applicants, the council has stated that “while the unit costs exceed the council’s approved acquisition cost threshold, it is acknowledged that the stated costs are estimated as actual cost cannot be quantified at this preliminary stage”.

The letter later adds that “should planning permission be granted, the council may seek a revision of the Part V proposal following evaluation of costs and land values, a review of current housing demand and determination of funding availability”.

The scheme is to also include 10 retail units, a retail foodstore, four cafe/restaurants and a creche.

In addition, the scheme will also include a new public open space known as Church Square to the rear of Holy Cross Church in Dundrum village.

As part of a comprehensive planning submission lodged with the scheme, BMA Planning states that the proposed development of the Dundrum village site was an appropriate response for the location site and would “provide high-quality residential and supporting village centre uses at a central and accessible location in need of regeneration”.

The designers of the scheme state that the vision is to deliver a contemporary and vibrant place to live, underpinned by the re-establishment of the traditional shopping thoroughfare along Dundrum Main Street.

A decision is due on the scheme in late July and those who wish to make submissions on the proposal have until May 9th to do so.