Home builder, Cairn Homes has put an indicative price tag of €28.58 million on 51 apartments it is planning to sell Dublin City Council from its proposed €295 million apartment scheme on former RTÉ lands at Donnybrook in Dublin 4.
In planning documents accompanying its 510 apartment Project Montrose planning application, Cairn Homes Montrose Ltd has identified 51 one and two-bed apartments from its scheme that it intends to sell to the city council for social housing in order to comply with the applicant’s social housing obligations.
The final price per apartment will be agreed between Cairn Homes and the city council after planning permission has been secured for the revised scheme.
However, the Part V costings included in the Large Scale Residential Development (LRD) application show that indicative prices for the apartments range from €644,896 for the most expensive of the two-bedroom units to €482,436 for the cheapest of the one-bedroom units.
RM Block
The documentation provides a rare insight into the breakdown of the costs and states that the build cost of the €644,896 apartment is €329,998.
Other elements of the €644,896 cost include site costs of €13,135, indirect costs of €72,380, professional fees of €27,720, development contribution costs of €22,886, finance costs of €68,880 and VAT at €52,814.
That breakdown shows that the profit margin on the €644,894 price is €28,529.
Cairn Homes has provided the indicative prices against the background of the Donnybrook address commanding some of the highest prices for homes in the State.
The planning application by Cairn Homes Montrose Ltd reduces by 98 the number of apartments from a permitted 608 unit scheme which secured the green light in July 2023 from An Bord Pleanála.
The 608 units scheme included 336 build to rent and there are no build to rent apartments in the new scheme.
According to a planning report lodged on behalf of Cairns Montrose by McGill Planning, “work has commenced on site to implement this permitted development, structures permitted for demolition have been removed, ground clearance is completed and block 10 is poured to first floor level and the structure for the second floor is under way”.
The 2023 permission was a split decision where permission was refused for Block No 5, a 16-storey landmark tower to contain a hotel, prompting the new application. It states that the approach taken to the refused Block No 5 “will be the subject of a separate planning amendment application”.
