DevelopmentLand: A site marking the gateway to Dublin from the south-east with residential and commercial zoning is likely to attract a lot of interest, reports Jack Fagan, Property Editor
A high profile 21-acre (8.5-hectare) development site adjoining the Carrickmines Interchange in south Dublin is expected to make in excess of €25 million when it is sold by tender next month through agents Hamilton Osborne King.
The Mahon Tribunal has investigated the rezoning of land in the area, including this site which is owned by architect Brian O'Halloran, Dr Austin Darragh and businessman Gerard Kilcoyne.
That is unlikely to have any effect on the selling price of the site which is zoned both for residential and commercial developments.
It is strategically located beside the Carrickmines / Foxrock interchange off the south-eastern motorway in an area targeted for a huge volume of new developments over the next few years.
A recent county manager's report on the Dún Laoghaire-Rathdown draft development plan identified the site as suitable for a commercial scheme along the frontage of the motorway and a residential development along a proposed spine road into Carrickmines Valley and Cherrywood. The plan is due to be adopted next April.
The value of the site will be greatly enhanced by the fact that it is located close to the planned LUAS line and, more particularly, beside the proposed Carrickmines station where there is also to be a park-and-ride facility.
This will open the way for the planners to allow a high density housing scheme, perhaps as much as 80 units per hectacre.
Homes in this area would command strong prices given that they will be adjacent to the affluent south Dublin suburbs of Foxrock and Leopardstown.
HOK say that about 40 per cent of the site has been identified for residential use with the balance to be set aside for commercial and employment creation enterprises.
However, the ultimate residential content could be higher as the commercial zoning in the plan may allow some additional residential use.
The agents suggest that the site could accommodate a minimum of 300 apartments and 75,000 sq m (807,293 sq ft) of commercial buildings including retail, hotel, offices and leisure.
The planners are expected to favour a landmark building, such as a hotel, to mark the gateway to the city from the south-east.
