Richmond Homes, the residential development arm of Avestus Capital Partners in Ireland, has emerged as the buyer of a prime 0.35 hectare ( 0.86 acre) site in Ballsbridge, Dublin 4.
St Mary's Home, a three-storey Victorian nursing home, was offered for sale by tender for €5 million-plus last November through joint-agents Lisney and Ganly Walters. It is understood stood around 30 parties toured the property with it finally selling for "more than" €6 million.
Located on Pembroke Park, a quiet tree-lined street at the heart of Dublin 4, it holds a prominent position adjacent to the junction of Wellington Road and Clyde Road, two of Dublin's premium addresses, and is in close proximity to Herbert Park and Donnybrook village.
The existing building is not a protected structure, and could, therefore, be demolished subject to planning permission. However, it is likely that the buyers will retain it and convert it into a boutique apartment scheme.
The vendors commissioned a development appraisal of the site prior to the sale, which indicated that the nursing home building could accommodate 11 apartments (of 45sq m-106sq m each) and that nine new houses (of 80sq m-160sq m each) might be built fronting on to Pembroke Park and Clyde Lane.
Richmond Homes is unlikely to apply for the exact scheme proposed, but it is evisaged it will pursue a similar accommodation offering.
In late 2018, the nursing home residents will relocate to nearby St John’s House on Merrion Road, which is currently being extended.
A development of new houses and apartments on the site is likely to command top prices given the site’s location.
Another period apartment conversion development at nearby Bloomfield House, Donnybrook, recently launched to the market with 12 apartments ranging in size from 102sq m-149sq m priced from €1 million to €1.5 million apiece, equating to around €10,000 per sq m on average.
Avestus has been active in the Irish residential development market since 2014, and following the launch of its Richmond Homes brand last year it has been an active buyer of sites across Dublin and has launched a number of new homes schemes in Arbour Hill and Clontarf, with a new scheme due to launch in Templeogue in May.