Most of the Dublin housing sites sold under pressure from Nama in recent years have been located in the north and west of the city. A noted exception is a site of almost 30 acres off the Brennanstown Road in Dublin 18, which goes for sale from today with a mainly residential zoning close to the affluent south Dublin suburbs of Cabinteely and Foxrock.
Peter Garrigan of agent CBRE plans to quote in excess of €35 million for the estate, known as Brennanstown, which is to be sold on the instructions of Nama and Declan McDonald of PWC.
The 11.8-hectare (29.4-acre) site has extensive frontage on to the Brennanstown Road and runs along the Luas Green line to Laughanstown. The old-style estate is largely undeveloped, with only five residential units, but will obviously benefit from its Cherrywood SDZ zoning to provide a fast-track planning mechanism.
CBRE will offer the property as a single unit or in two different lots, saying the available 29.4 acres have the development potential for more than 400 residential units and around 600sq m (6,458sq ft) of commercial facilities.
Alternatively, CBRE may divide the holding into two lots, offering 8.8 acres of residential land and 11.1 acres of forestry land for sale in one lot. Lot 2 would be known as Lehaunstown and include 9.5 acres of residential land with a small section zoned for town centre use under the Cherrywood SDZ agreement.
Despite the attractions of selling the estate in two lots, the odds are that one buyer will take control of the lot. It is strategically located about halfway between the N11 and the M50, making it easily accessible to Dublin city, Dublin Airport, and other busy arterial routes.
The Luas, with stops at Laughanstown, Brides Glen and Cherrywood, provides a convenient transport service to major employment hubs such Sandyford Business Park, Dundrum and the Dublin docklands.
The Brennanstown development site will appeal to housebuilders catering for the private rental market as well as well-heeled clients looking for a prestigious home location. Lot 1 provides for a lower residential density than Lot 2, which can use the SDZ masterplan and the closeness of the Luas to cater for a strong rental market.
Peter Garrigan said the convenience of the Brennanstown land to the Laughanstown Luas station, as well as to Foxrock and Cabinteely villages, will make it one of the most desirable residential locations in the greater Dublin area for both traditional housing and separate rental accommodation.
