Residential Site: There will be keen interest in a 3.7-acre residential site with permissionfor 17 large homes in Foxrock, writes Jack Fagan
A move to use many of the large gardens in the Foxrock area of Dublin 18 for additional housing seems to be gaining momentum with the forthcoming sale of another large redevelopment plot.
Unlike two other recent sales off Brighton Road, the next one at Brighton Place comes with full planning permission for 17 large detached houses.
DTZ Sherry FitzGerald is handling the sale of the 1.5-hectare (3.7 acres) site which is to go to tender on March 9th.
The agency is not providing a guideline but, bearing in mind that site values in this prestigious area can start at around €600,000 and rise to a considerably higher figure, then the overall site value could be anywhere between €10 million and €15 million.
The eventual selling price will depend on the level of interest in it from housebuilders and, with the demand for large family homes in the Foxrock area still particularly strong, there should be no shortage of takers for the land.
The expectation is that the four and five-bedroom detached houses on large individual plots will eventually sell for between €1.75 million and €2 million.
All of them will be quite spacious, ranging from 185sq m (1,991sq ft) to 235sq m (2,530sq ft).
Last September the planners granted full planning permission for 22 detached houses designed by architects Horan Keogan Ryan. The vendors have opted to retain five of the sites.
The development land is within a few minutes drive of Foxrock village, with its various shopping and leisure attractions, and is also close to the N11 and the Southern Cross Route.
The sale comes after two other significant land sales off Brighton Road in recent months.
Before Christmas McNally Handy secured over €40 million for 10 acres of back gardens which are expected to accommodate between six and eight large detached houses per acre.
Since then Lisney also got a particularly strong price of €22 million for 3.75 acres and three houses which will probably be demolished to make way for a new housing scheme.
