CRH landbank with scope for 1,700 homes primed for €25.5m sale

The sale by CRH subsidiary Belgard Estates Ltd of a substantial, zoned landbank next to the M11 motorway on the Wicklow-Dublin border should see strong interest from developers involved in the delivery of housing and potentially from the State’s Land Development Agency (LDA).

The holding, at junction 6 on the M11 between Bray and Enniskerry, and immediately south of the M50 merge, extends to an area of 65 hectares (161 acres), with 36 hectares (90 acres) of this zoned residential. The remaining 29 hectares (71 acres) is zoned as open and active space. The site is immediately adjacent to lands owned by the Cosgrave Property Group, which are the subject of a planning application for the development of 241 houses, 409 apartments and a creche.

While Lisney Commercial Real Estate hasn’t set a guide price for the CRH holding, it is expected to see offers of about €25.5 million, with the residential and open-space portions of the site commanding about €250,000 and €40,000 per acre respectively.

The Fassaroe lands occupy a strong location 7km south of Cherrywood and 20km south of Dublin city centre. The site, which is capable of accommodating the delivery of up to 1,700 homes subject to planning permission, is well connected thanks to its proximity to the M11. The Luas green line can be accessed at Cherrywood while the Dart and mainline rail services are available at Bray.

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The lands overlook Bray town centre and the Irish Sea to the east, while the Sugar Loaf is visible immediately to the south in Kilmacanogue.

Commenting on the sale, Cathal Daughton of Lisney said: “Given the ongoing and long-term future requirement for residential accommodation close to the capital, we expect to see interest from large national and international investors and developers in this strategically located residential landbank.”