Quiet sales pave way for new development

67 apartments for Sandyford Road and 12 townhouses in Churchtown

Moyola Court, 12 townhouses off Lower Churchtown Road, sold for €4.1 million

Moyola Court, 12 townhouses off Lower Churchtown Road, sold for €4.1 million

 

Planning has been lodged to replace a house in Sandyford with 67 apartments. Whinsfield House, located across from the Lamb’s Brook estate on the Sandyford Road, is set to be demolished under the plans. The house was sold last year by its former owners who acquired it in 1979. According to the property price register, the property was sold for €3.5 million, however given the home’s 2.69 acre site, it is likely a higher sum was paid in all based on the strong prices recently achieved for other Sandyford residential sites.

The site was not advertised for sale on the open market prior to its new owners, the Monaghan-based McBride family of B&C Contractors, purchasing it. Earlier this year, they applied for planning for 29 units but were refused for a number of factors, including that it was “not considered to be of a sufficiently high density.”

The McBrides are hoping to alleviate such concerns by more than doubling the density, which has necessitated the use of expensive basement car parking – a feature that is often blamed for suburban schemes being financially unviable. In all there will be three four-storey apartment blocks comprising five one-bed, 48 two-bed and 14 three-bed units.

Elsewhere in south Dublin, another unadvertised sale with development potential has hit the property price register. Moyola Court, a development of 12 townhouses dating from the 1970s and located off Lower Churchtown Road, has supposedly traded hands for €4.1 million. In December 2006 the houses along with adjoining buildings were acquired by Clydewell Churchtown Investments, a company associated with solicitor-turned-developer Paul Hanby.

Clydewell acquired the property on an overall 1.27 acre site, which was earmarked for a major redevelopment, with a €12 million guide price. In 2014 Stephen Tennant of Grant Thornton was appointed receiver over certain assets of the company on foot of a mortgage granted by AIB.

With Moyola Court now seemingly sold again, the remaining buildings, 98 & 98A Lower Churchtown Road, are currently for sale for a combined €950,000. If they achieve this price, the overall realisations will be approximately €5.05 million – a major discount on the price paid by Clydewell during the Celtic Tiger. The mystery purchaser of Moyola may opt to acquire those buildings too in order to maximise their site for future development, or alternatively they may retain the existing 12 townhouses as lucrative rentals given the current shortage of accommodation in Dublin.