An interesting development opportunity at Herberton Road, Dublin 12, is coming to the market with full planning permission for the construction of 113 apartments, as well as commercial space.
Savills expects strong interest in Canal House, a well positioned 0.77 hectare (1.89 acres) site, in a strategic and well-connected location, with a guide price of €8.25 million.
Demand for housing remains strong: latest figures from the Central Statistics Office show that property prices are now rising at a rate of about 10 per cent a year, amid a stock shortage. Last month the Central Bank said that about 52,000 new homes could be needed per year out to the middle of the century, to cope with demand.
The Canal House development has full planning permission for a significant apartment scheme of 113 units, comprising a mix of 57 one-bed and 56 two-beds, varying in size from an average floor area of 484sq ft for the one-beds to 915sq ft for the two-beds.
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The commercial accommodation, of some 2,155sq m, is provided across the ground floor of Block C and the entirety of Block D, comprising of medical, cafe/retail and community/arts/cultural space.
In addition, planning permission also allows for 60 parking spaces, five motorcycle spaces and 166 bicycle spaces, all at basement level.
The site is well located at the intersection of Herberton and Dolphin Road in Rialto, Dublin 12. The area is experiencing substantial urban renewal and regeneration into a mixture of student accommodation, residential and commercial uses.
There are various transport amenities serving the area including the Luas Red line at Rialto and Suir Road, both of which are a seven-minute walk from the site. The area is well served by several Dublin Bus routes, while Heuston Station provides train access across the country.
Karl Lynch of Savills said: “We expect particularly strong interest in this property, especially considering the recent grant of planning, along with proximity to public transport and a number of key employers in the immediate area, such as St James’s Hospital and the new children’s hospital, to name a few.”
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