Solicitor and developer Noel Smyth’s Fitzwilliam Real Estate is seeking €5.25 million for a site with full planning permission for 74 build-to-rent (BTR) apartments in Dún Laoghaire, Co Dublin.
The 0.8-acre (0.32-hectare) site is located to the rear of St Michael’s Hospital on Crofton Road and currently comprises an operating car park and a two-storey dwelling. The car park is operating on the basis of a short-term licence agreement, clearing the way for the prospective purchaser to pursue the development of the site almost immediately.
The existing planning approval provides for 74 rental apartments consisting of a mix of 55 one-bedroom units and 19 two-bedroom units along with one commercial cafe unit over two buildings with heights ranging from part four to eight storeys. The approved scheme will have uninterrupted views across Dún Laoghaire Harbour and have a number of amenities on-site including a gym, and social and co-working areas.
The approved development benefits from a 10 per cent Part V provision for social and affordable housing and minimal parking with no basement requirement. The subject site’s development potential could yet increase should an alternative strategic housing development (SHD) application for 102 rental apartments, currently before An Bord Pleanála, be approved.
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The site is well located with more than 40m of road frontage on to Crofton Road and is bounded by the Harbour View residential scheme to the east, residential dwellings to the west and St Michael’s Hospital to the south. It sits in proximity to the numerous amenities in Dún Laoghaire and its immediate environs including the Forty Foot, the Pavilion Theatre, Dún Laoghaire Shopping Centre and the People’s Park.
The site also benefits from excellent public transport links, with Dún Laoghaire Dart station situated directly opposite the site, providing frequent access to Dublin city centre (northbound) and Greystones/Bray (southbound). A number of Dublin Bus routes serve the area.
The site will be of interest to developers and investors involved in the delivery of accommodation for the private rented sector. It should also prove attractive to those potential purchasers seeking to capitalise on the large empty-nester market in Dún Laoghaire and the surrounding areas of Monkstown, Glasthule, Glenageary, Dalkey and Killiney. The €5.25 million price being guided by selling agent Knight Frank represents a 19 per cent reduction on the €6.5 million which had been sought when they last offered the site to the market in 2019 without planning permission in place.
Evan Lonergan and Robert Wilson of Knight Frank say: “This property represents a prime residential development opportunity. The combination of its live planning permission, enviable coastal setting and easy access to Dublin city centre should see strong interest in this sale.”
