A 11.8-acre site for a mixed commercial and residential scheme at Stillorgan, Co Dublin, has been sold for around £25 million, well short of the record £31 million paid earlier this year for 10 acres at Griffith Avenue. Sun Alliance Property Investments sold the Galloping Green land, which has frontage on to both Stillorgan Road and Brewery Road. It one of the best development sites to have come on the market in south Dublin in the past few years.
A company promoting a private hospital and medical clinic was among those who viewed the site but it is not known if their tender was successful.
A number of developers who looked at the land claimed that it was difficult to see how a mixed scheme could stack up with site costs of £25 million given the constraints of the site and particularly the heavy woodland which may have to be retained. Dun Laoghaire Rathdown County Council has given notice of its intention to grant permission for 44,700 sq ft of offices, 168 two-bedroom and three-bedroom apartments and 19 houses. The layout provides for offices along Stillorgan Road with the apartments located in nine blocks ranging in height from three storeys to five storeys over basement car-parks. A number of local residents' associations have since appealed the decision to An Bord Pleanala.
There are currently 38,700 sq ft of two-storey offices, which were built in the 1960s. Esso Ireland and Irish Cement Ltd, which are due to vacate the offices next year, are currently paying combined rents of £243,474.
Hamilton Osborne King handled the sale.
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