LandSale: Cosgrave Developments has paid in the region of €15 million for a 15-acre residential site at Thormanby Road in Howth, Dublin 13.
The site, zoned for a low density housing development, is almost certain to be used for about 20 large detached houses which could possibly sell for at least €2 million. Cosgraves has sold all 54 apartments and houses in a high quality scheme at the former Howth Lodge Hotel.
Several housebuilders tendered for the land which was sold by Mark Smith of Ganly Walters on behalf of the Howth Estate company. The site has views over the south of Howth Head and is zoned "RS" in the Dublin City Development Plan 2005-2011 "to provide for residential development and the protection and improvement of residential amenity".
Mark Smith said the new owners could develop the site in line with the present low density zoning (subject to planning permission) or hold for another five years when they might get a higher housing density. Howth has become one of the most difficult areas around Dublin to secure planning permission.
This has become particularly so since a Special Amenity Area Order was introduced in 1999 by Fingal County Council. The Howth company, controlled by the St Lawrence family, owns the Deerpark Hotel and golf course and Howth Castle, as well as a substantial landholding in the area. The company has been using the land for grazing and say that it is now surplus to its requirements.
