Potential residential opportunity in Blackrock for €2.75m

A business centre with potential for a residential development with 15 homes, has come to the market just off Newtownpark Avenue in Blackrock, south Dublin.

The Courtyard Business Centre, which offers investors an asset management and value-add opportunity, has come to the market with a guide price in excess of €2.75 million.

Located just off Newtownpark Avenue, the properties measure about 1,166sq m, and sit on a site of about 0.5 acres. The business centre comprises seven separate business units all spread over two stories across three blocks. There is currently one unit occupied on a 10-year lease from 2019, while the rest of the units are vacant. Floor plans of the units vary from about 85sq m to about 191sq m.

Flexible options

Andrew Sherry, from selling agent Savills, said: "The Courtyard Business Centre presents a unique opportunity for investors or developers to acquire an existing office park with flexible options including retention of existing buildings as an investment, conversion or redevelopment to residential (subject to planning permission)".

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The site is zoned objective A – to protect and/or improve residential amenity within the current Dún Laoghaire-Rathdown Development Plan, while the draft county development plan 2022-2028 retains the same objective.

According to Savills, this provides an investor with a redevelopment opportunity. A feasibility study has been carried out by Plus Architecture, which illustrates the potential to convert the office space into a residential development.

Planning permission

The study outlined the possibility of producing 15 new homes, which comprise of a mix of one- and two-bed town houses and duplexes, subject to planning permission.

The Courtyard is well-located close to a host of local amenities, schools and public transport, and is within walking distance of several bars and cafes, as well as a new outlet of Dunnes Stores. It is also close to other residential developments, such as the Butter Yard, which will be located nearby at the junction of Newtown Park Avenue and Fleurville Road, and which will consist of 67 build-to-rent apartments.