The Marlet Property Group has sold a monastery building on a 0.71 hectare (1.75 acres) site at Mount Argus, Harold's Cross, for well ahead of the €3.5 million guide price it set last October.
The sale of the redevelopment opportunity closed in January and is recorded as having achieved €4.1 million in the price register, however it is likely that this price included the monastery and only up to a 0.40 hectare (1 acre) of land and that the overall price achieved is closer to €4.5 million. The Lisney agency, who acted for Marlet in the sale, declined to comment on the transaction.
The successful purchaser is believed to be Equitas Properties, a company founded by Robert and Michael McCarthy which has undertaken a large number of property projects in Ireland and England. Its Dublin projects include the development of Q House, a substantial office scheme in Sandyford, however its efforts appear to be predominantly focused on London, where it has made significant residential and commercial property investments.
Large-scale refurbishments
Its London experience, which includes large-scale refurbishments of period structures, should transfer well to the Harold's Cross redevelopment. There is planning permission in place to convert the 19th century monastery into 32 duplexes and apartments that will range in size from 54sq m to 154sq m (581sq ft to 1,658sq ft) in a mix of one- and two-bed units. Its substantial site may also accommodate more units, subject to the necessary planning permission. As that permission is due to lapse in September, Equitas could opt to either begin construction imminently or to seek an extension of time from Dublin City Council.
Marlet is likely to redeploy the sales proceeds into the ongoing construction of about 400 new apartments in Harold’s Cross. The developer is on site at two locations, one of which is at Mount Argus, adjacent to the monastery site, and the other just a short distance away at St Clare’s Convent.
Mount Argus, which will comprise about 179 units, is on course for completion later this year, while St Clare’s is at a much earlier stage of construction.
