A “shovel-ready” site with potential to house one of Ireland’s largest residential developments has come to the market seeking €50 million. The opportunity is expected to attract strong interest from developers and investors given the scale of the potential development, which could offer a much-needed fillip to supply in Ireland’s housing market.
The 27.4-acre site in Clongriffin, north Co Dublin, known as “Project Capital North”, is being sold by Gannon Properties and comes with full planning permission for 1,823 residential units, a 209-bedroom hotel, including 20 short-term let apartments, and 1,358 car parking spaces. The site also has permission for 22,728sq m of commercial space, providing office accommodation and retail space.
The site had been expected to come to market for some time and has now been formally launched.
Andrew Sherry, divisional director at Savills Ireland, said: "Everything is in place for a prospective buyer to commence construction immediately on what will be one of the largest residential developments in Ireland. The location of the site is ideal – it's highly accessible – and there is an abundance of transport options within walking distance that will have you in Dublin city centre in less than 25 minutes or Dublin Airport in 15 minutes. We expect there to be significant demand from developers and investors to acquire this site given the scale of the opportunity on offer."
Clongriffin development
The north Dublin suburb is an attractive area for residential development, offering proximity to Dublin city centre and seaside living.
The original master plan for the wider 53-hectare Clongriffin site in 2003 provided for 3,600 residential units. The development of Clongriffin was based on the vision of Gannon Properties, with significant up-front investment in transport infrastructure together with community and recreational amenities in place today.
The site represents part of the final development proposals for Clongriffin, which is 9½km to the northeast of Dublin city centre.
Earlier this year Irish property developer Twinlite and its joint venture partner Tristan Capital Partners put two build-to-rent apartment schemes, with more than 650 units, on the market at a price expected to be more than €300 million.
The coastal area adjacent to Clongriffin is well known for its beaches, with Portmarnock Beach and Burrow Beach within about 5 km, while the area also caters for young families, professionals and outdoor enthusiasts with several schools, sports clubs, beaches and public parks nearby.
With the Dart station and early phases of Clongriffin complete,the opportunity exists to complete this new residential area.
The area may also get a Luas station, although not for some time yet. A recent review of the National Transport Authority strategy for the capital proposed that planning and design work would be done on eight more Luas routes, including Clongriffin, but that construction would not commence until 2042 or later.
