A site on Dublin’s Northside with planning permission for 358 apartments has been brought to the market by Savills with a guide price of excess €18m.
Situated on the Swords Road in Dublin 9 – a predominantly residential north Dublin suburb – the property extends to 6.75 acres and also includes planning permission for 8,708 sq. ft. of commercial accommodation.
The site is well-located, with Dublin Airport within a 10 minute drive and Dublin City University and St Patrick’s College all within walking distance. Furthermore, with the city centre 4km to the south, and the M50 motorway just 2km to the north, the property is unrivalled in terms of its accessibility.
In terms of public transport, the site is well served by 10 Dublin Bus services along the QBC to the front of the site. Furthermore, the new Metro North subway is planned to stop at Griffith Avenue approximately 1.5km from the property, further increasing its accessibility.
The site also benefits from existing neighbourhood centres located in the immediate vicinity, along with Omni Shopping Centre in Santry.
Planning permission was granted by An Bord Pleanála on 22 December 2011 for 358 apartments accommodated in 5 to 7 storey blocks. A feasibility study undertaken by Fenton and Associates Architects shows potential to increase the number of units, without necessarily increasing the total gross floor area, to more than 400 apartments (subject to the necessary planning consents).
Vehicular access is provided for via the Swords Road and the planning permission allows for 105 surface car parking spaces and 413 at basement level. Ground floor commercial accommodation – extending to 8,708 sq. ft. – is also provided for, in addition to a crèche contained within a two storey building located in the northern end of the site.
John Swarbrigg of Savills says: “This is an exceptionally well-located site, and given the significant scale on offer, it is ideally suited for both the private and rental market upon completion. Dublin is still very much in a period of undersupply when it comes to residential property – and apartments in particular – therefore we expect strong demand from investors and developers.”
According to the latest research from Savills, the vacancy in Dublin’s private rented sector (PRS) has been below 2% for almost four years, which is significantly below the natural vacancy rate (NVR) – estimated to be 5.3%. According to Savills, if the vacancy remains below the NVR, rents will continue to rise.