Developer Michael O’Flynn’s O’Flynn Group has paid just over €10 million for a prime development site with planning in place for 57 homes in the sought-after south Dublin suburb of Foxrock.
The price paid by the Cork-based developer represents a 13 per cent discount on the €11.5 million agent Lisney Commercial Real Estate had been seeking when it brought the site to the market on behalf of Richmond Homes, the house building arm of real estate investment firm Avestus Capital Partners, which grew out of Quinlan Private.
Located on Brighton Road, the 1.27-hectare (3.13-acre) site, which is occupied currently by a large five-bedroom detached residence known as Craughwell, has full planning permission for the development of 57 new homes. The approved scheme comprises 21 three- and four-bedroom semidetached houses along with 36 apartments consisting of a mix of one-, two- and three-bedroom units.
The proposed houses have been designed for family living with spacious layouts, ample storage, private gardens and two parking spaces. The apartments, meanwhile, are large and come with a balcony or roof terrace. The design incorporates floor-to-ceiling windows providing ample natural light to the interiors. The apartments will, according to the agent, appeal to first-time buyers, investors and empty nesters alike. The scheme will incorporate green spaces, landscaped gardens and recreational areas.
The subject site is located off Brighton Road and sits behind existing two-storey houses and has its own private access road. It is located less than 500m from Foxrock village with nearby access to a number of shops, restaurants, schools, sport clubs and transport links.
Commenting on the deal, the O’Flynn Group’s Dublin property and development director, Shane O’Flynn said: “This is clearly a high profile and significant site and we are delighted to have acquired it. We have ambitious plans for the greater Dublin region and in this context we are looking to acquire a number of other sites to add to our pipeline. Regarding the Foxrock site we are due to commence on site later this month and are already experiencing strong interest from parties in both the existing house and the future houses to be developed. Acquiring good quality sites is always a challenge so this development is particularly important for the Group.”
