Ready-to-go residential site in Carrickmines for €4m

The buyer of a ready-to-go residential site on the market in Carrickmines may be able to benefit from an anticipated fall in development levies in the area.

These levies, set at the height of the boom, have had a dampening effect on development but now look set to change given recent revisions by Dún Laoghaire Rathdown County Council.

As things stand, the two-acre site on Glenamuck Road South in Dublin 18 is on the market at €4 million through Knight Frank and has full planning permission for 16 four-bedroom semis and 12 apartments all with surface car-parking. The houses would extend to 160sq m (1,724sq ft) while one-bedroom apartments would have 57.5sq m (619sq ft), two-beds 85.5sq m (920sq ft) and three-beds 103.5sq m (1,114sq ft).

The site is occupied by two large detached houses, Saxaroon and Inglenook, and there is 88 metres of frontage to Glenamuck Road South. This is a mature residential area adjoining the Cairnbrook housing scheme while the Ballyogan stop on the Luas Green line is 1.1km away and the M50 about 750 metres away.

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New scheme

Permission for the new scheme of 28 homes was granted by An Bord Pleanála in July 2015 and allows for the demolition of all structures on site.

The agent says Section 48 and 49 development contributions are applicable to the site for the Glenamuck District Distributor Road Scheme and Surface Water Attenuation Ponds Scheme. These work out at €66,137 per unit.

However, according to Finín O’Driscoll of Knight Frank, the Section 49 contributions are due to be reduced shortly.

“There are two sets of levies, area-wide ones and infrastructure related ones,” says Mr O’Driscoll. “The area wide ones were reduced last year and the review process to reduce the infrastructure related ones is now at a very advanced stage before Dún Laoghaire Rathdown County Council. These infrastructure levies were set in 2008 on the basis of boom time land values. They are being reduced to take account of the significant decrease in land values since then and the proposed scaling down of the distributor road to which the levies relate.”

New levies will apply retrospectively due to the Urban Regeneration and Housing Act 2015. Where any local authority adopts a new scheme of levies, the Act decrees that the lower levies must apply in relation to any planning permission granted prior to the new scheme.