A range of developers and institutional investors involved in the delivery of residential accommodation are expected to run the rule over the sale of a large-scale landholding at Kilmartin in Dublin 15.
Situated immediately next to the existing residential areas of Kilmartin itself, and Hollystown, Tyrrelstown and Ongar, the lands, which extend to a total area of 268 acres, are being offered to the market by joint agents Knight Frank and Lydon Farrell at a guide price of €16 million.
While the lands are zoned for agricultural use at present, the selling agents believe they represent “an opportunity to potentially shape the next major development expansion in northwest Dublin”.
They say: “Being a natural extension of the established urban area, these lands are located within the Blanchardstown urban development boundary, one of Fingal and Dublin’s most important growth engines. Kilmartin adjoins some of the most active residential and employment districts in the State, and forms a logical and seamless continuation of the expansive housing delivery that has characterised the area over the past decade.”
READ MORE
“Kilmartin, Hollystown, Tyrrelstown and the wider Ongar corridor have consistently demonstrated strong and sustained demand, particularly among first-time buyers and young families, drawn by accessibility, affordability and an exceptional employment base.
Kilmartin sits next to some of Dublin’s largest employment hubs, including Blanchardstown Corporate Park and Damastown Industrial Estate. The area is home to a number of leading international companies including IBM, Meta, PayPal, Amazon, Bristol Myers Squibb and Astellas.
The location is well connected, with ready access to the N2 and N3 via the new link road, providing direct connectivity to the M3 and M50 motorways and the wider national road network. Dublin Airport is 13km to the east of the lands, while Dublin city centre is approximately 23km away.
Fingal consistently records the strongest population growth of any local authority in Ireland, with a populace of more than 330,000, making it the second-most populous local authority in the State.
The selling agents say the recent revision of the National Planning Framework, which has increased the requirement for the construction of new homes to approximately 50,000 units annually to 2040, makes the Kilmartin strategic landbank a compelling proposition for developers and investors.
[ French fund pays over €23m for fully let IFSC office investmentOpens in new window ]
They say: “Fingal County Council is now required to demonstrate a markedly expanded pipeline of zoned and serviceable lands in its forthcoming Development Plan cycles. This [emphasis] increases the importance of large, contiguous landholdings capable of supporting long-term, orderly residential development.
“Kilmartin is one of the last remaining large-scale development opportunities within the North Dublin logistics and commuter belt. We believe it is well positioned to benefit from rezoning initiatives and expect to see strong interest from experienced residential and commercial developers, institutional investors, and long-term capital.”
