A site with planning permission for a terrace of seven homes off Lower Mount Street in Dublin 2 goes on the market today at an asking price of €1.5 million.

Ron Cregan of Colliers International is handling the sale of the site which is located in a quiet enclave on Gratten Court East, between Lower Mount Street and Grand Canal Street.

The planning permission provides for five own-door three-bedroom townhouses with rear gardens, roof terraces and integrated car ports.

The homes will range in size from 138 to 144sq m (1,485 to 1,549sq ft). The planners have approved the development of two three- bedroom duplex units, also with rear gardens, good- sized terraces and designated car parking.

These will have floor areas of 119sq m (1,280sq ft) and 162sq m (1,743sq ft). The planners have fixed a charge of €27,000 for the development but have not applied a Part V obligation to make some of the dwellings available to workers with low incomes.

Cregan said the site would appeal both to developers interested in selling off the individual homes in the current strong market and also others who would prefer to retain the completed units and rent them.

He estimated that with each of the homes likely to rent at about €2,000 per month, the development could possibly produce an annual income in the region of €168,000.