Developers and investors involved in the delivery of accommodation for Dublin’s private rented sector (PRS) market will be interested in the sale of a prime development site in south Dublin.
Located on the Deansgrange Road in Blackrock, the property has been brought to the market at a guide price of €8.5 million by agent Knight Frank with full planning permission from An Bord Pleanála for a scheme comprising 120 apartments, along with five ground-floor commercial units, a crèche and a basement car park.
While it is expected that the purchaser of the development will operate it as a rental scheme, it has been designed to build-to-sell apartment standards. The approved scheme also provides for a large communal concierge space at ground-floor level and an internal communal space at fifth floor with direct access to an external roof terrace. This is together with an extensive external communal open-space courtyard.
Situated on the approach road to Deansgrange village, the subject site extends to 0.75 hectares (1.85 acres) and comprises a motor dealership currently that would command a high existing-use value.
Established suburban centre
Under the current Dún Laoghaire Rathdown County Development Plan 2016-2022 the entire site is zoned Objective NC, the aim of which is to “protect, provide for and/or improve mixed use neighbourhood centre facilities”.
Deansgrange is an established suburban centre in south Dublin. The village is well catered for in terms of retail offerings with SuperValu, Insomnia, Lidl, Saba and Tiger Wood Fired Pizza among the occupiers.
There are a number of large employers in the immediate area including the multinationals Amgen and Becton Dickinson together with the National Rehabilitation Hospital and Dún Laoghaire Business Park.
The subject site is also highly accessible and within easy reach of Dublin city centre with a number of key Dublin Bus routes serving the village. These include the 46a, 84, 84a, 75 and 75a. The N11 is located within 1km of the site while the Salthill and Monkstown Dart station, and the Sandyford stop on the Luas green line are situated within 3.1km and 4.1km respectively
James Meagher of Knight Frank says: “This is a significant PRS opportunity with the planning risk removed and a high existing-use value. Given the strong achievable rents for the finished stock, we expect to see see substantial demand emerging for this sale.”
Further information on the Deansgrange site can be obtained from the dataroom for the sale which can be accessed at deansgrange-prs.com or by contacting James Meagher or Finín O'Driscoll at Knight Frank on 01 634 2466.