Killiney site for up to 150 apartments expected to fetch €9m
Prices for 150 apartments could be €300,0000-€350,000, says selling agent
The 3.74-acre site for apartment development on Church Road, Killiney, Co Dublin
Agent Knight Frank is gearing up for intense bidding when it offers for sale a substantial site for an apartment development in Killiney, Co Dublin. The 3.74 acres beside the Killiney Roundabout on Church Road is expected to sell for more than €9 million and to accommodate around 150 apartments.
The sale comes at a time of an immense shortage of development sites for both houses and apartments in good locations with regular public transport links to Dublin city centre. The Killiney site benefits from exceptional transport links with bus routes 7, 7a, 7b, 7d, 45a and 111 all stopping on Church Road, directly to the front of the site, providing regular access to the city centre. In addition, the Killiney Dart station and the Cherrywood Luas stop are also within close proximity.
Whoever buys the development site – currently occupied by three detached houses – will be entitled to lodge a planning application directly with An Bord Pleanála rather than Dún Laoghaire-Rathdown County Council to speed up the procedure. Property sources expect at least half a dozen bidders, including quoted house-builders Glenveagh Properties and Cairn Homes.
The site has around 190m of frontage on to Church Road, the Killiney Roundabout and Churchview Road. Church Road is designated as a Quality Bus Corridor and, according to the Dún Laoghaire-Rathdown Development Plan, sites readily accessible to public transport corridors are allowed to accommodate densities of more than 50 dwellings per hectare.
Mahony Architects is finalising a feasibility study, which suggests that 150 apartments can be developed on site along with surface car parking.
James Meagher of Knight Frank said the sale offered a great opportunity to secure a significant residential site in a much sought after location. Given the dearth of such high-quality sites on this scale, they were confident of attracting strong interest.
Meagher said he expected that apartment prices in such a popular location would range from €300,000 for one-bedroom units to €350,000 for two-bedroom homes. “There are a lot of empty nesters in the Killiney area who would welcome an opportunity to relocate to apartments in the same area and sell on their homes at considerable profit.”