North dock­lands site for €27m could suit res­i­den­tial use

Study shows that 5-acre site near Luas Red line has po­ten­tial for 400 apart­ments Site is bor­dered on three sides by ex­ist­ing res­i­den­tial en­claves and near Point Vil­lage

The Irish Times - Business - - BUSINESS COMMERCIAL PROPERTY - JACK FA­GAN Com­mer­cial Prop­erty Ed­i­tor

A five-acre site in Dublin’s north dock­lands with po­ten­tial to ac­com­mo­date about 400 apart­ments for the pri­vate rental sec­tor is ex­pected to at­tract con­sid­er­able Ir­ish and over­seas in­ter­est when it goes for sale from to­day on the in­struc­tions of re­ceivers Duff & Phelps.

It was orig­i­nally owned by prop­erty de­vel­oper Liam Car­roll, whose busi­ness col­lapsed in 2009.

John Swar­brigg of Sav­ills is guid­ing €27 mil­lion for the 2.10 hectares (5.2 acres), which has a sig­nif­i­cant un­con­strained street frontage on to East Road and is bor­dered to the north and east by ex­ist­ing res­i­den­tial en­claves.

The ter­mi­nus stop of the Luas Red Line is within walk­ing dis­tance, de­liv­er­ing ac­cess to Con­nolly Rail Sta­tion and the city cen­tre within six min­utes, as is the Dock­land Rail­way 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, which is for sale.

It was orig­i­nally owned by prop­erty de­vel­oper Liam Car­roll, whose busi­ness col­lapsed in 2009

While there is no plan­ning per­mis­sion re­lat­ing to the site, a fea­si­bil­ity study has been pre­pared to il­lus­trate the de­vel­op­ment po­ten­tial.

The site will be seen as suit­able for pri­mar­ily res­i­den­tial given the ad­ja­cency on three sides of ex­ist­ing res­i­den­tial use.

Po­ten­tial

The study, pre­pared by Dublin ar­chi­tec­tural firm of O’Ma­hony and Pike, il­lus­trates the po­ten­tial to ac­com­mo­date a scheme of about 400 apart­ments ide­ally suited for the pri­vate rental sec­tor.

Though the site is oc­cu­pied, va­cant pos­ses­sion will be avail­able by Au­gust 2018.

This will en­able the pur­chaser to ben­e­fit from short-term in­come while seek­ing plan­ning per­mis­sion.

Ac­cord­ing to Sav­ills, prospec­tive buy­ers will have the op­por­tu­nity to cap­i­talise on an area un­der­go­ing sig­nif­i­cant change in the north dock­lands as well as tap into the pent-up de­mand for res­i­den­tial ac­com­mo­da­tion both to rent and to pur­chase.

The site is lo­cated close to the Point Vil­lage Re­tail Cen­tre, the O2 en­ter­tain­ment com­plex and the Gib­son Ho­tel.

Newspapers in English

Newspapers from Ireland

© PressReader. All rights reserved.