On the instruction of Duff & Phelps, Savills is marketing a rare development land bank of over 5 acres in Dublin’s North Docklands and is guiding €27 million.
The sale is expected to attract the interest of residential & PRS (private rented sector) developers and funds, as securing a site with such scale and in such a central location is a real rarity in the Dublin land market.
This site presents a significant unconstrained street frontage onto East Road and are bordered to the north and east by existing residential enclaves. The property comprises a prominent site of approximately 2.10 ha (5.20ac). The terminus stop of the Luas Red Line service is within walking distance, delivering access to Connolly Rail Station and City Centre within 6 minutes, as is the Docklands Rail Station. The site is located close to The Point Village District Centre, a significant retail development comprising the Point Village Retail Centre, O2 Entertainment Complex and the Gibson Hotel. The proximity of these facilities to the site puts it at a significant advantage for any future development.
Under the Dublin City Development Plan 2016-2022, the subject property is zoned Objective Z14 (Strategic Development and Regeneration Areas). While there is no current planning permission pertaining to the property for future development, a feasibility study has been prepared to illustrate the development potential of the subject site, subject to planning permission. The site is envisaged as being suitable for primarily residential use, given the adjacency on three sides of existing residential use.
The feasibility study, prepared by Dublin’s leading architectural firm O’Mahony Pike illustrates the potential of the site to accommodate a scheme of approximately 400 apartments ideally suited for the Private Rental Sector subject to securing the necessary planning permission. In addition Ray Ryan of BMA Planning has also prepared a planning report on the development prospects for the site.
The property is currently occupied, however vacant possession is available by August 2018. This provides the purchaser with an opportunity to benefit from short-term income whilst seeking planning permission for a scheme of development.
According to Savills, prospective buyers will be provided with an opportunity to capitalise on an area undergoing significant change in the north docklands and also to tap into the pent up local demand for residential accommodation both to rent and purchase.