Development Sites : A ready-to-go city centre site with permission for a mixed-use residential/commercial development has come on the market. Just under an acre and carrying a guide of over €13 million, it lies no more than 300 metres from Croke Park.
The site is located on Portland Street, just off the North Circular Road. It has full planning permission for 132 residential units, six office units and a crèche, together with 133 underground car-parking spaces.
The apartments include 93 two-beds, 26 one-beds and 13 three-beds, and are likely to be of great interest to owner-occupiers, first-time buyers and investors alike, according to joint agents for the site, HT Meagher O'Reilly and Hooke & MacDonald.
Sales prices for the completed units are likely to range from about €270,000 for the one-beds to €330,000 for the two-beds and about €400,000 for the large three-beds.
The surrounding area has witnessed considerable change over recent years with the development of Croke Park and environs. There is the new Jurys Hotel on the Royal Canal and successful schemes nearby including Portland Dock, Derrynane Square, Clonliffe Square and the Distillery Building. It is convenient for the city centre.
Meanwhile, a large retail development site in Tullamore has come on the market for sale by tender in October. No guide has been provided for the site but agent Hamilton Osborne King suggest the site is likely to achieve over €15 million.
The site covers 9.5 acres (3.82ha) and is located on Church Road, 200 metres from the town centre. Iuse as a builders' provider, it is adjacent to a McDonalds and the Tullamore Shopping Centre anchored by Dunnes Stores. Under the Tullamore and Environs Development Plan for 2004-2010, the entire property has been zoned commercial. This zoning outlines large shops as a permitted use and includes dwellings under uses that remain open to consideration, a clear opportunity to include some element of residential in the final mix.
The site should house a new flagship retail development for Tullamore, which is Co Offaly's principle town and administrative centre. It has a population of 45,000, and is a proven regional shopping destination given well-known retail operators including Tesco, Atlantic Homecare and DID Electrical.
The National Spatial Strategy further supports its existence as a retail hub for the region. It describes Tullamore as part of a new "linked gateway" and under the Offaly County Council retail strategy, is identified as the town "to anchor as much retail expenditure as possible". Its size, zoning and location make it a rare development opportunity.
Demand remains strong for such large retail developments, with many developers "now concentrating their efforts in this domain", according to the agents. A strong degree of interest is therefore predicted by HOK, from retailers and from developers alike.
Tenders must be received by the agent by October 13th, 2005.
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