Redevelopment: A rare development opportunity has opened up in affluent Dublin 4 with the controversial Broc House becoming available in exchange for affordable housing.
Builders can set the €8 million value of Broc House against discounts provided for affordable housing.
The initiative comes via the Affordable Homes Partnership which seeks to encourage developers to provide low cost homes to first-time and young buyers.
Owned by the OPW, Broc House attracted controversy when an attempt was made to use the property as a refuge centre for asylum seekers. This did not sit well with the surrounding residents, given its location off Nutley Lane directly opposite Elm Park golf course.
Three-storey over basement, Broc House was built in 1970 and sits on a site area of 2,280sq m (24,542sq ft). Access is via a tree-lined private laneway.
The location offers both an ideal location and perfect zoning, according to sole agent Colliers Jackson-Stops. The zoning is "to protect, provide and improve residential amenities", according to the Dublin City Council Development Plan 2005-2011.
The agent's assumption is that Broc House would provide an upmarket residential scheme, located along one of Dublin's dearest streets and close to the Merrion Centre, RTÉ and St Vincent's Hospital.
The company cites the experience at Harcourt Terrace Lane, which was developed under the Affordable Homes Partnership. This deal saw Durkan Homes provide close to 200 affordable units throughout the greater Dublin area in exchange for the Harcourt Terrace Lane site.
The exchange requires the developer to match the market value of the acquired property with discounts that lower the cost of starter homes for first-time buyers. A €300,000 unit, for example, might be provided for €200,000, representing a €100,000 contribution towards the acquired property.
The agent indicates a "set of criteria" must be met by any developer wishing to acquire Broc House.
"Factors which will be considered when awarding the site include the time frame in which the units can be provided, the locations of the units being provided, the total amount of units to be provided and, most importantly, the discount which the developer is willing to offer the affordable units at," the agent states.
The company suggests that, ideally, all units should be provided by January 2008.
The deal is "positive for all parties involved", according to Nick Coveney of Colliers Jackson-Stops. It offers a developer the opportunity to acquire a prime development site while opening up the possibility of a house purchase at an achievable price for first-time buyers.
