Development Land:One of the most interesting and novel development opportunities to arise in Dublin in recent years goes on the market today when buildings and a site of 0.5 of a hectare (1.25 acres) alongside the Luas station in Dundrum go for sale by tender.

Ross Shorten of Lisney is handling the sale which is expected to yield around €15 million for the Railway Procurement Agency and Dún Laoghaire Rathdown County Council.

Whoever buys the property is likely to build a multi-storey development of offices and restaurants beside and directly over the Luas line. The local authority development plan includes a specific objective to provide a bus/Luas/cycle interchange on the site, as well as an undercroft development at Taney Bridge.

The town centre zoning on the site will allow a broad range of uses for what is an extremely busy area. It is directly opposite the site of the old shopping centre, where planning permission has been granted for the second phase of Dundrum Town Centre. Main Street in Dundrum is considered one of the busiest areas in the suburbs after Blackrock's main street.

The old railway station on the site is a protected structure while an adjoining building, used for many years as a printing hall, will probably be demolished to make way for a modern commercial facility.

Lisney says that the opportunity to acquire freehold property adjoining a transport facility, as well as air rights over the railway line, is not unusual. CIÉ has already sold air rights over a number of railway stations. It is shortly to lodge a revised planning application to develop a substantial office scheme over Tara Street railway station in the city centre.

Lisney is inviting offers for the Dundrum property by July 12th.