The shortage of new residential properties in Killiney, Co Dublin, is to be partially addressed following the purchase of a 3.75-acre site for €9.5 million by one of the capital's leading construction companies.
Michael Cotter's Park Developments, which bought the site at the Graduate roundabout in Killiney, is to seek planning permission for up to 150 apartments.
The site has 190m of frontage on to the roundabout, as well as on to Church Road and Churchview Road.
Given the scarcity of apartments in the area, one-bedroom units are likely to sell from €365,000, two-beds from €475,000 and three-beds from €550,000.
Agent Knight Frank, which handled the sale, said the new owner will be entitled to lodge his planning application directly with An Bord Pleanála rather than Dún Laoghaire-Rathdown County Council to speed up the procedure and make additional homes available as soon as possible.
The site is 2.5km from Killiney Dart Station and 2.9km from Cherrywood Luas stop. It is also within easy commuting distance of the M50. Bus routes 7, 7a, 7b, 7d, 45a and 11 all stop on Church Road at the front of the development site and run directly into the city centre.
The site to be developed is close to the Graduate bar and restaurant and Killiney Shopping Centre, which is anchored by SuperValu.
A feasibility study by Mahoney Architects has shown that a development of up to 150 apartments can be accommodated, depending on the unit mix.
Park Developments will have to decide on the mix of one-, two- and three-bedroom apartment preferred for the site and whether to choose a tall serpentine block that has low site coverage and generous open spaces.
