Marlet buys €16m site with scope for 1,500 apartments

Developer snaps up 16-acre property located near the centre of Tallaght

Gavin McLoughlin Business Correspondent DEVELOPER Pat Crean’s Marlet Property Group has acquired a major 16-acre site in Tallaght which market sources believe has the potential for as many as 1,500 residential units.

The deal sees the assembly of three separate sites into one. A portion of the 16 acres was bought by one of developer Bernard McNamara’s companies for more than €50m during the boom.

The purchasing price for the site — near the centre of Tallaght and the Luas line — is believed to be €16m.

The site is zoned for regeneration by South Dublin County Council, which would need to approve any plans to make the site entirely residential.

Market sources said the site could reasonably accommodate as many as 1,500 apartments. It contains a number of vacant industrial buildings formerly used by companies including Uniphar, Kerry Group and Cuisine de France.

Marlet would not comment on the transaction.

The deal comes as Marlet seeks €425m for a portfolio of 1,170 units in a so-called forward-funding deal, which would see the units bought during their development phase.

Estate agents Savills brought the portfolio to market earlier this month.

The deal is targeted at private rental sector investors.

The portfolio contains four separate schemes at sites in Harold’s Cross, Bluebell and Cabra Road in Dublin, scheduled to be completed by Marlet on a phased basis between the second half of next year and 2020.

“The developments on offer are in established residential locations with exceptionally-high rental demand, which is likely to attract interest from a range of local and international investors,” said Domhnaill O’Sullivan of Savills.

The company has also been granted planning permission for a student accommodation complex on Dublin’s Prussia St. Marlet is also looking to develop student accommodation — an area attracting significant market focus — at a number of other sites in its portfolio.

The company has financial backing from M&G Investments, an arm of insurance giant Prudential.

It is shortly due to commence work at a site in Tyrrelstown where it has received permission for a 183-unit project.

It has also received permission for a starter home project at Finnstown in Lucan, and for a 63-unit project near Oatlands College in Mount Merrion that was the subject of opposition from transport minister Shane Ross.