Developers and investors involved in the delivery of accommodation for Dublin’s private rented sector market are expected to run the rule over the sale of Maple House in South County Business Park in Leopardstown.
Located across the Luas green line from the landmark Central Park mixed-use scheme, the subject property offers the purchaser the ideal combination of short to medium-term rental income with vacant possession readily available along with scope for residential development in the longer term. Maple House is being offered to the market by agent Cushman & Wakefield at a guide price of €7.5 million.
The subject site extends to 0.612 hectares (1.512 acres) and comprises a two-storey office block which extends to 1,369sq m (14,735sq ft) with 65 surface car parking spaces. The building is let on a multi-tenancy basis via a number of licence agreements, with all tenants executing deeds of renunciation. The income from the property is in the region of €200,000 per annum net, and as the property is only 65 per cent occupied, this can be significantly increased in the short term with further licence agreements.
In terms of its future potential, the site is zoned “Residential” under the terms of the Sandyford Urban Framework Plan 2022-2028. HKR Architects are preparing a feasibility study on the lands, and the initial feedback from this suggests that in excess of 200 apartments could be accommodated on the site, which is in line with similar developments in the immediate area.
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The Central Park mixed-use scheme, which is located adjacent to Maple House on the opposite side of the green line Luas, comprises a variation in building heights of 10-17 storeys. This sets a strong precedent, according to the selling agent, for a scheme of a similar height to be approved for on the subject property.
Brendan Smyth and Paul Nalty of Cushman & Wakefield say: “Maple House represents an excellent opportunity to develop an apartment scheme of considerable scale in close proximity to the Luas green line and the M50 motorway. It’s rare for a site like this to come to the market with such a strong income stream and the benefit of obtaining vacant possession at short notice.”
Rathgar site
Elsewhere on the southside of the capital, Paul Nalty and Karl Lynch of Cushman & Wakefield are guiding a price of €1.5 million for a 0.11-hectare (0.28-acre) site on Maxwell Road in Rathgar, Dublin 6.
The subject site in this instance comes with full planning permission for the construction of four high-end three-bedroom semi-detached houses, ranging in size from 1,292sq ft to 1,421sq ft. The site comprises a garage, an office, 15 lock-up units and three residential units, which include two two-bedroom apartments and a three-bedroom apartment. While the site is being sold with full vacant possession, a number of the units were in occupation up until recently and could provide an estimated rental value of about €145,000 per annum if re-let. There is also an opportunity to refurbish these units and increase the short-term income potential to in excess of €200,000 per annum, according to the selling agents.
The site is well located just 2.5km south of Dublin city centre and sits between the villages of Rathgar and Rathmines. The area has long been considered one of Dublin’s most desirable residential locations. Given the significant undersupply of new housing stock over recent years, the purchaser and developer of the subject site can expect to encounter significant demand for the new houses once they are available for sale.
Paul Nalty and Karl Lynch say: “Maxwell Road is a rare housing opportunity in one of Dublin’s best residential locations. The opportunity for short-term rental income on its existing use will also be of significant benefit before commencement of construction.”
