Mar­let sells Hol­ly­woodrath site for ¤15m-plus

The Irish Times - Thursday - Property - - The Market -

Ir­ish prop­erty de­vel­oper Archtree De­vel­op­ments has emerged as the pur­chaser of Mar­let Prop­erty Group’s 20 acre (8.3 hectare) site at Hol­ly­woodrath, Dublin 15, which hit the mar­ket in April guid­ing ¤13 mil­lion.

It’s un­der­stood that bid­ding on the site ex­ceeded ¤15 mil­lion with strong in­ter­est ex­pressed by a num­ber of de­vel­op­ers. Mar­let and its back­ers M&G In­vest­ments paid a mere ¤3.275 mil­lion for the site at the bot­tom of the mar­ket, and look to have more than quadru­pled their ini­tial in­vest­ment.

Dur­ing its own­er­ship, Mar­let se­cured plan­ning per­mis­sion on the site for 31 two-bed houses (89.8 sq m), 125 three-bed houses (111.6sq m – 114.6 sq m) and 27 four-bed houses (150.6sq m – 153.8 sq m).

Archtree, headed by Shane Bar­rett, Paul Whitaker and Tom Gil­li­gan, ex­pects to be­gin con­struc­tion of the scheme as cur­rently per­mit­ted in the com­ing months.

The com­pany made its first ac­qui­si­tion last year when it pur­chased the 3.44 acre (1.39 hectare) Saint Pan­cras site in Terenure, Dublin 6W, where they are cur­rently de­vel­op­ing one of the largest new homes schemes in the cap­i­tal.

Fol­low­ing a re­cent plan­ning per­mis­sion grant, the over­all num­ber of new homes that will be built on site has in­creased from 66 to 71, com­pris­ing both houses and apart­ments. Sales are clip­ping along on the first phase, which in­cludes 159sq m three-beds priced from ¤800,000 and 186sq m four-beds priced from ¤890,000.

The Hol­ly­woodrath site is just one of a num­ber of sites that Mar­let has sold in re­cent months, in­clud­ing a site at Coolam­ber in Finnstown, west Dublin, which is be­lieved to have sold for more than its ¤7 mil­lion guide price set by agents CBRE. Two other sites, one at Duinch, Hollystown, and an­other in the vicin­ity of the Long Mile Road have also sold and it is be­lieved more of the com­pany’s sites will be brought to the mar­ket this sum­mer through agent Sav­ills. It is con­sis­tent with a Mar­let strat­egy to sell sites it con­sid­ers non-core to its busi­ness in or­der to re­de­ploy the prof­its into the build out of larger-scale de­vel­op­ments, in par­tic­u­lar its Pri­vate Rented Sec­tor (PRS) apart­ment schemes around Dublin.

Hol­ly­woodrath in Dublin 15 com­prises 8.3 hectares

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