RedevelopmentSite: A site opposite The Square at a key road interchange in Tallaght is likely to be redeveloped for a large mixed-use scheme, writes Jack Fagan
One of the key sites in the centre of Tallaght, Dublin 24, looks set to be redeveloped as a high density mixed-use complex now that its owners have decided to offer it for sale by tender on June 8th.
The site of 0.89 hectares (2.2 acres), which houses the Woodies DIY store on Belgard Road, could well set a record price for a development site when it is sold through Hamilton Osborne King. No guide price is being issued at this stage but the indications are that it will make well above the €30 million mark.
Almost 16 years after The Square shopping centre transformed the densely populated area into one of the most vibrant parts of the country, Tallaght is now to undergo a number of other major changes with the planned enlargement and upgrading of shopping, leisure and residential facilities around The Square.
The redevelopment of the Woodies facility, directly across the road from The Square, will be smaller but equally significant given its pivotal location at the junction of the Belgard Road, Old Blessington Road and Belgard Square.
The Woodies outlet and a smaller retail unit on the site are owned by a syndicate formed by Quinlan Private. Whoever buys it will have to reach agreement with the Grafton group, owners of Woodies DIY, on a relocation of the business before they can proceed with a redevelopment of the site.
However, this may not be as difficult as it seems, as Woodies is rumoured to be interested in moving to the P Elliott retail warehousing development close by at the Arena on Whitestown Way.
In the meantime, the purchaser can bank on a rental income of €637,000 from the lease of the 2,838sq m (30,548sq ft) retail store, 376sq m (4,047sq ft) of offices and a garden centre of 465sq m (5,005sq ft). The 35-year lease has another 21 years to run.
There is also the prospect of a significant increase in rent when it is reviewed in September 2007.
A second retail unit on the site, which is currently vacant, extends to 572sq m (6,157sq ft) over two levels. The undeveloped area of the site is laid out as surface car-parking.
The site going for sale is zoned "county town" for town centre development - probably the most valuable zoning allowing for retail and residential schemes.
Last February, South Dublin County Council granted planning permission for a ground floor retail unit of 5,965sq m (64,207sq ft) with an additional storage of 381sq m (4,101sq ft). There was also consent for another retail unit with ancillary offices of 326sq m (3,509sq ft), a two-storey crèche of 693sq m (7,459sq ft) and 219 apartments over four floors. The permission also provided for 223 car-parking spaces and 200 Luas park-and-ride spaces on two levels in the basement.
Stephen Cassidy of Hamilton Osborne King says the importance of the site as a "gateway to The Square" is reflected in the excellent planning permission that had just been granted.
The Tallaght Town Centre local area plan provides for higher densities in this area and suggests a building height of five storeys and a plot ratio of 2:0.
However, a floor space bonus of 20 per cent above the plot ratio may apply where there is a strong design rationale.
