Property

Richmond Homes buy prime Sandymount site for €4m-plus

The developer 11 Park Avenue on 1.4 acres for more than €4m - one of the biggest residential sales in Dublin this year

No 11 Park Avenue, Sandymount, is one of the last remaining sites in private ownership in the vicinity

Thu May 17 2018 - 06:00

A Victorian house on Sandymount’s Park Avenue has been sold in an off-market deal to Irish housebuilder Richmond Homes. No 11 Park Avenue, which occupies the largest site of any single home on the exclusive road, appeared on the Property Price Register as having sold for €4.1 million last month.

This price is likely to represent the amount paid for the house itself and a portion of its site, with an additional undisclosed sum paid for the remainder of its 1.4 acres. Depending on the overall price paid for the house and site, the sale is likely to be one of the highest residential sales of the year alongside another house set for redevelopment, Árd na Glaise on Stillorgan Park, which was sold by Cairn Homes to a developer in recent months.

Infill scheme

Richmond Homes may well retain and refurbish the attractive double-fronted house and develop a high-end infill scheme on the majority of its lands, which could comprise houses, apartments, or a mix.

A number of large infill schemes were developed throughout the 1980s and 1990s on Park Avenue and surrounding streets; however, little development has taken place in recent years as suitable sites have become increasingly scarce.

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No 11 Park Avenue is one of the last remaining sites in private ownership in the vicinity. The property is one of a number sites in Dublin 4 that Richmond Homes has acquired lately, including a one-acre site in Donnybrook at the junction of Eglinton Road and Donnybrook Road, and the former St Mary’s Nursing Home site on Pembroke Park in Ballsbridge, which it bought in February for more than €6 million.

The company has recently raised €200 million of fresh capital which, in addition to its existing capital, will be used to build about 5,000 new homes around Ireland.

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