Cabinteely Redevelopment: Residents of a cul-de-sac in Cabinteely, Dublin 18 are clubbing together to sell their homes in a deal that could net them €30 million - twice what the houses would be worth if they were sold individually.

The entire Sunnyhill Park cul-de sac off the N11 has been put on the market by its five residents who each have houses on an acre or more of garden. Individually, the houses would be worth around €3 million, but together, as a site for development, the five properties are worth almost twice as much, according to selling agent Lisney.

According to Lisney, the entire 5.68-acre site offers potential for "an important signature complex and a high density residential scheme" which means offices and apartments. Lisney's David Bewley describes the low profile cul-de-sac near the Cherrywood/N11 interchange as "one of the best-located parcels of residential building land to become available in south County Dublin in recent years".

Its attractions include 180 metres of road frontage onto the N11, easy access to both the M50 at Cherrywood and the proposed extension to the Luas which is expected to be operational within five years.

Lisney set the trend for communal sales last year when it brokered a deal for three neighbours on Brighton Road in Foxrock who together made €22 million for their houses with gardens totalling 3.7 acres. It was bought by developer David Agar who plans to refurbish one of the houses and build several more at the back of the site.

The Sunnyhill residents, who include an accountant, had an agreement to sell before calling in the estate agents but, in other cases, agents are actively involved brokering deals between neighbours in well-located suburban roads where gardens have become extremely valuable commodities. In such a sale, part of the proceeds may be liable for Capital Gains Tax at 20 per cent.

The Sunnyhill Park sale is likely to galvanise other groups of residents keen to cash in their chips and get the best possible value out of their property.