REDEVELOPMENT LAND:The 5.7 acres at the Mount Argus monastery in Harold's Cross could accommodate around 240 new homes, writes Jack Fagan.

A 5.7-ACRE residential site and a period monastery alongside Mount Argus in Harold's Cross, Dublin 6 has been sold for a figure believed to be in the region of €20 million.

The purchaser, Eugene Larkin of Twinlite Construction, is expected to use a four-acre site on the right hand side of the entrance to the grounds along the Lower Kimmage Road for around 200 apartments and houses.

One of the conditions of the sale is that Larkin will retain at least the façade of the three-storey over basement 1860s monastery which stands on a further 1.7 acres.

It is estimated that this latter area of the site should accommodate another 40 apartments.

Several housebuilders pitched for the development site in a private tender process conducted by agent Hooke & MacDonald.

Ken MacDonald of the agency said last night that the sale demonstrated that there was still good demand for well located development sites and that experienced developers were willing to look beyond the current short term adjustments in the marketplace in preparation for the next upturn in the housing market.

The Congregation of the Passion will stay at Mount Argus where two years ago they celebrated the 150th anniversary of their first mass there.

The order recently secured planning permission to develop a modern monastery on the site for their now smaller community.

For that reason Twinlite Construction is not due to take possession of the old monastery for at least three years.

The company will also have to develop a new 200sq m (2,153sq ft) parish centre in the grounds.

The Congregation of the Passion also plan to use part of the proceeds of the sale to complete the internal restructuring of the Mount Argus Church and to develop a more fitting shrine to Saint Charles Houben who was canonised in 2007 and whose remains were re-interred in the church.