Dublin site on the block for €18m

By James Buckley - Wednesday, May 16, 2018 11:11

A site 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.

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). 

John Swarbrigg of Savills said: “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.

jbuckley@costar.co.uk

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