Development Land: The pent-up demand for large family homes in the Malahide area is likely to ensure considerable interest in a housing site at Streamstown Lane in Malahide which is to be sold at tender on November 2nd.
DTZ Sherry FitzGerald expects to secure around €30 million for the 12.2 acres (4.9 hectares) which have a residential zoning but still require planning permission.
The development sets out two slightly different objectives under the zoning - six acres are to be used "to provide for new residential communities in accordance with approved local area plans and subject to the provision of the necessary social and physical use".
The objective for the balance of the land is that it should "provide for residential development and to improve residential amenity".
Sherry FitzGerald suggests that the first piece of land, which is subject to an area action plan, will probably have four to six detached houses per acre while the remainder could have six to eight per acre.
If the final tally reaches 90 houses, it will still work out at over €330,000 per unit before any provision is made for social housing.
However, the selling agent estimates that detached houses in this area of north Co Dublin would sell for between €1.5 million and €2 million after several other successful developments in the same area.
The site has the advantage of being both flat and open and close to water and sewerage mains.
The high asking price clearly reflects Malahide's undoubted appeal and the perennial shortage of good family homes.
The town's beautiful coastal location and its close proximity to the city and Dublin Airport has meant that housing prices continue to strengthen in the area.
