Agents DTZ Sherry FitzGerald seem to have got the timing right for the sale of almost 25 acres of development land with planning permission for 253 houses at Stocking Avenue in Rathfarnham, Dublin 16, and 68 apartments and houses in 11 different residential schemes. Residential sites and rental properties have been selling particularly well because of the scarcity of new homes in the greater Dublin area.
Donal Kellegher of DTZ Sherry FitzGerald is guiding €39 million for the development land and the residential portfolio which are being sold on behalf of the Deane Brothers. The lands originally formed part of a larger holding of 24 hectares (57 acres) with a 10-year master planning permission for 793 houses as well as a commercial centre. A significant proportion of the housing programme was completed as part of the Stocking Wood scheme. Around 34 acres of the original site remains undeveloped of which 10 acres are now owned by a third party, leaving almost 25 acres for sale.
DTZ says the 24.7 acres going on the market from today is particularly well located west of Stocking Lane in Rathfarnham and just 1.5km east of junction 12 on the M50. The two landbanks include a commercial site which had planning permission for a “local centre”. This was to have included a supermarket with a retail floor area of 3,391sq m (36,500sq ft), a crèche and 124 car-parking spaces. The permission has now expired.
Kelleher describes the development site and the adjoining Ballycullen area as "mature locations with a good mix of low density family housing and the advantages of being within 4km west of Dundrum town centre".
DTZ is expecting equally strong interest in the residential portfolio which includes 60 apartments and eight houses in 11 different residential schemes. The current rent roll is €633,000. Six of the houses are located in Rathfarnham, one is in Foxrock and another is in Clane, Co Kildare. The location of the 60 apartments includes the Iveagh Exchange scheme in Parnell Street in Dublin 1 and The Orchard in Lucan, Co Dublin.
