ONE OF THE best remaining residential sites in Howth, Co Dublin, goes for sale today on the instructions of receivers David Hughes and Colin Farquharson of Ernst Young.
Garvan Walsh of agent Kelly Walsh is quoting a “realistic price” of €1.5 million for the 2.6 acres beside the Martello Tower which overlooks the attractive fishing village.
The land was originally bought for over €10 million by Nobby O’Reilly and Ged Pierse of Pierse Construction and is being managed by Green Property Ventures on behalf of the Lloyds Banking Group. Reilly and Pierse got planning permission in 2008 for 64 apartments but this was subsequently overturned by An Bord Pleanála on the grounds that the density was too high.
With 0.4 of an acre on the site zoned for amenity use and the remainder of the 2.2 acres zoned for town centre facilities, Garvan Walsh says the likelihood is that the planners will allow about 25 houses on the land.
Howth is generally regarded as one of the most difficult areas around Dublin to secure planning permission but with a town centre zoning on the site even the most strenuous objectors will have to give way to a new residential development.
On the opposite side of the village Ray Grehan’s development company, Glenkerrin Group, paid a stunning €62 million in 2007 for two adjoining sites of 6.58 acres along the coast. The same piece of land would be unlikely to make over €10 million if it was put on the market at this stage.
