What could make an interesting medium- to long-term redevelopment site not far from Google’s headquarters in Dublin 4 is fresh to the market this week.
Joint agents McNally Handy and Hooke & MacDonald are quoting €1.75 million for three three-bed semis on South Lotts Road, while sole agent McNally Handy is quoting €1 million for a site to the rear and side of the houses.
The so-called "Block J" site backs on to the successful Gasworks apartment scheme that was first developed by Liam Carroll from 2003 on and contains about 600 apartments.
It is also bounded by the Dart line on one side and the Alliance Building, which houses 210 apartments in a nine-storey cylindrical building, on the other.
The Alliance Building was bought by US fund Kennedy Wilson in 2012 for just over €40 million and is producing annual rents of more than €3.25 million.
Block J is an L-shaped site which has an area of 0.11 hectares (0.27 acres) and has direct access from South Lotts Road.
It has been flattened and is separated by timber hoarding from the remainder of the Gasworks development.
The site is designated “Z1” under the Dublin City Development Plan 2011 to 2017 to “protect, provide and improve residential amenities”.
It also has an expired planning history for the construction of 21 residential units (eight one-bed apartments, four two-bed duplexes and eight three-bed duplexes.
The three semi-detached houses are at numbers 18B, 18E and 18F South Lotts Road.
These two-storey, bay-windowed properties are to be sold by private treaty individually or in one lot.
Built circa 1940, each house has good-sized gardens front and back. Number 18B has 127sq m (1,366sq ft) of space and is guided at €700,000 by the agents.
The two adjoining semis at numbers 18E & 18F each have 114sq m (1,226sq ft) and are guiding €525,000 each.
These latter two houses are in poor condition and require refurbishment, according to the agents.
Popular location
The surrounding area is a long-established popular residential location as well as a thriving letting area.
It has changed considerably over the last two decades with major rejuvenation and an influx of workers and residents to the numerous new office and apartment buildings.
Many multinationals have established their European headquarters in the area. Google, for example, employs about 2,500 people on nearby Barrow Street.
Last year, Facebook moved into a substantial new building beside the Bord Gáis Energy Theatre and promptly agreed rental terms for a similar adjoining block to bring its overall office space in docklands up to about 23,225sq m (250,000sq ft).
There are excellent transport, leisure, retail, leisure and sporting facilities in the area. The Dart links with the city and suburbs while there are plenty of bus routes nearby.
