DevelopmentLand:A former hockey pitch on 1.6 acres in a top southside location will test the strength of the market, writes Jack Fagan.
An upcoming sale of a residential site in Glenageary, Co Dublin, is expected to illustrate that a well located development opportunity can still fetch a top price despite the marked slowdown in sales of new homes since the beginning of the year.
Ross Shorten of Lisney and joint agents Fergus Slattery and Associates are likely to quote over €8 million for the 0.65 of a hectare (1.6 acres) which were used for many years as a hockey pitch alongside Glengara Park School. The school closed almost 20 years ago and is now used as a nursing home.
The rectangular site adjoins Traverslea Wood, a top notch apartment development being carried out by O'Malley Homes. Slowdown or not, these 35 apartments will invariably sell at premium prices given the quality of the location and O'Malley's reputation for producing some of the very best finishes.
Estimates vary as to how many residential units the planners will allow on the old hockey pitch site but, given the density permitted on the O'Malley land, the eventual number is likely to be at least 65. Also on the positive side, the site has no planning history.
It is located in a quiet residential area on Glengara Park, just off Eden Road Upper and Adelaide Road. It is close to the junction with Glenageary Road Lower and within easy walking distance of the Dart stations at Glenageary and Sandycove.
The site goes for sale by tender on May 1st.
Though the number of development sites going for sale in the greater Dublin area since the start of the year is considerably down on last year, there are indications that quite a few will come on the market after the Easter break.
Some estate agents have been advising vendors that they can expect to get about 15 per cent less than last year for out-of-town sites because of the significant fall off in new homes sales. However, with the Government warning landowners that they will "use or lose" zoning if they return to power, many vendors seem likely to move on their acres while there is still a reasonable demand for it.
