South Dublin site with potential scope for 200 homes guiding at €17m
Kiltiernan lands located close to M50 and Luas at Carrickmines
Extending to 7.38 hectares (18.24 acres), the Enniskerry Road site offers the buyer scope to deliver in excess of 200 new homes (subject to planning permission)
When Durkan Homes released the first phase of its Bishops Gate development at Kiltiernan in south Dublin in June 2017, the launch hit the headlines as all 20 of the houses available were snapped up immediately by eager buyers who had formed a queue overnight.
Two years on, agent Cushman & Wakefield may well see developers showing equal enthusiasm for a site immediately adjacent to the Bishops Gate scheme, which they have brought to the market at a guide price of €17 million.
Extending to 7.38 hectares (18.24 acres), the Enniskerry Road site offers the buyer scope to deliver in excess of 200 new homes (subject to planning permission). The property is being sold on the instruction of Nama-appointed receiver George Maloney of RSM Ireland,
Purchasers will have the opportunity to bid to acquire the site outright or to enter into a licence agreement (subject to planning permission) for the delivery and disposal of units in the development. A number of housing developments have already been been delivered on NAMA-secured sites using this licence model.
The Kiltiernan scheme’s potential scale will allow the purchaser to seek fast-track planning permission from An Bord Pleanála under the terms of the Government’s Strategic Housing Development scheme. The system allows developers seeking permission for large-scale residential schemes of 100 housing units or more to bypass local authorities and apply directly to An Bord Pleanála.
The attractiveness of this development opportunity is increased further by the recent reduction by Dún Laoghaire Rathdown County Council of the section 49 development levies which would have attached to the area in which the site is located. The reduction, which came into force last December, equates to a saving of approximately €18,000 per residential unit.
The development of the Kilternan Local Area Plan has stimulated a large number of developments in the area. This is expected to be further facilitated and serviced by the construction of the planned Glenamuck district distributor road and the Glenamuck link distributor road. Dún Laoghaire Rathdown County Council submitted a planning application to An Bord Pleanála in March 2019 for the development of these roads. A decision is expected early in 2020, with an estimated build programme of 18 months.
In April 2019, the local authority gave notice of its intention to implement a compulsory purchase order process in order to facilitate the development of the same roads.
Kiltiernan is located at the foothills of the Dublin Mountains, and 2km west of the M50 motorway, the Luas Park & Ride at Carrickmines, and the Park Carrickmines retail park
Donal Kellegher and John Donegan of Cushman & Wakefield say they expect the site to appeal to a wide spectrum of builders and developers.