Agent Lisney Commercial Real Estate is guiding prices of €4.75 million and €2.75 million respectively for two prime development sites in the south Dublin suburbs of Tallaght and Sandyford. The sales are being conducted on the instruction of Myles Kirby and John Healy, joint receivers over certain assets of Ravensbrook Ltd, a company controlled by Siobhan Quinlan, a property investor and wife of boom-era financier Derek Quinlan; John Gordon, also with an address in Monaco, and solicitor Michael Quinlan, with an address in Castleknock.
The Tallaght site is 0.89 hectares (2.2 acres) and is on the western side of Belgard Road and adjacent to The Square shopping centre and McDonald’s drive-through restaurant. The holding, which is perhaps best known as the site of the former Woodies store, is zoned TC (Town Centre) under the South Dublin County Council Tallaght Town Centre Local Area Plan 2020. The aim of this zoning is “To protect, improve and provide for the future development of Town Centres”.
While the Tallaght site comes for sale with a planning history involving a Strategic Housing Development (SHD) application for a build-to-rent scheme of 310 apartments, retail, creche and associated works, the selling agent expects that the purchaser will likely look to submit a revised planning application for residential units and student accommodation. The site is just 500m from Technological University Dublin-Tallaght and the Luas red line.
The Tallaght site is expected to see strong interest from developers and investors at its €4.75 million guide price. To put that figure in perspective, it represents just a fraction of the €20 million that one of its previous owners, developer Bernard McNamara paid to secure ownership of it during the boom.
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The second site is at the junction of Ravensrock Road and Carmenhall Road in Sandyford Business Park. The site, just 600m from the Luas green-line Stillorgan stop and immediately adjacent to the Chase office building, is occupied by an industrial building of 717sq m (7,718sq ft).
The land is zoned Z5 Residential with a density of about 95 units per hectare and a building height of three to six storeys permissible. There is planning history involving a strategic housing development (SHD) application for a build-to-rent scheme of 101 units. The agents are guiding €2.75 million for the Sandyford site.
Lisney Commercial Real Estate is inviting offers for the Tallaght and Sandyford sites with bids set for Friday, June 7th, at 5pm.
