The sale of a 1.38-acre (0.56-hectare) site currently in use as a car park in the north Dublin town of Swords should see strong interest from developers and investors involved in the delivery of accommodation for the private rented sector (PRS) market. The site at Forster Way is being offered to the market by agent JLL with full planning permission for the development of 79 apartments at a guide price of €6.2 million.
Located just 50 metres from Main Street in Swords, the subject site currently comprises a 105-space surface-level car park. The facility is being operated by Euro Car Parks on a short-term contract and produced a net operating income of €395,000 in 2024. There is scope to increase the car park’s revenue with an additional 29 car spaces recently delineated within the site’s boundary. The combination of the estimated revenue from these car spaces and a recent increase in the facility’s parking rates from €3.00 per space per hour to €3.20 per space per hour, has the potential according to the selling agent to generate a net operating income of approximately €575,000 in 2025.
The site’s medium- to longer-term potential is contained in the planning permission granted by Fingal County Council (Ref. DCC F22A/0608 / ABP 315602-23) in July 2024 for 79 apartments, 255.3sq m (2,248sq ft) of retail space and a two-storey senior citizen centre extending to 807sq m (8,686sq f.). The approved development is to be laid out over six storeys over a single-level basement.
Plus Architecture, who designed the approved scheme, believe the site’s density could potentially be increased from 79 to 91 apartments based on the new planning design standards for apartments, which were introduced on July 8th, 2025.
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Ollie Lyons of JLL says: “We expect a high level of engagement from both investors and developers considering the asset’s investment profile in addition to the excellent planning obtained. With light-touch asset management, the car park could provide an attractive reversionary yield of between 8.5 per cent and 9 per cent. For those pursuing the development of the site, there is both short-term income and the potential to increase the granted number of units from 79 to 91.”
