ResidentialSite:A site of over half an acre - sold almost three years ago by Sandford Park School off Sandford Road in Ranelagh, Dublin 6 - is back on the market with full planning permission for five large terraced homes.
Mark Reynolds of Savills Hamilton Osborne King is guiding over €10 million for the greenfield plot of 0.23 of a hectare (0.58 of an acre) on the northeastern grounds of the school which was bought at tender in April, 2004, by a small group of investors. They have since got full planning permission for five three-storey over basement family homes of considerable distinction. These will range in size from 242-358sq m (2,605-3,854sq ft) and incorporate a high-spec finish.
Savills HOK says that the expected selling price of the homes will be in line with newly completed units at Edward Square on Morehampton Road in Donnybrook, Dublin 4, where prices at the end of 2004 were around €10,764 for a sq m (€1,000 per sq ft).
Developers interested in the school site are likely to base the cost of buying it on the existing planning permission rather than on what the selling agent describes as the "potential" to enlarge what are already very spacious homes or to add a sixth house at the end of the proposed terrace. However, according to the agent, there is a real prospect that permission may be forthcoming for a further home.
Reynolds says the proposed homes will be "sumptuous-sized homes" in one of the most popular Dublin suburbs. "The quality of the location and the superior design and layout of the houses should ensure premium prices and guaranteed demand for the end product."
The site is for sale by tender on March 22nd.
