Residential Site: There should be strong competition for a site with permission for 315 homes in a popular north Dublin suburb. Jack Fagan reports
With the new apartment market in Dublin still buoyant, there is likely to be strong interest in a ready-to-go development site for 315 homes at Northwood in Santry, Dublin 9, which is to be sold by tender on October 6th.
Agent Hamilton Osborne King is quoting a guide price of €25 million for the 2.87-hectacre site which was due to be developed by Morrison Homes until the UK-based company decided to wind down its operations in the Republic. Bill Kilmurray's Woodford Ltd, owners of the former Santry Demesne, also has an interest in the apartment site along with the Bank of Scotland.
Though the supply of newly-built apartments in the Dublin suburbs has steadily increased since last spring, new homes on the Santry Demesne have been selling exceptionally well, primarily because of their parkland setting and the convenient location beside the M1, the M50 and Dublin Airport. The site is about 6kms north of the city centre.
While large housebuilders frequently look for well-located sites with planning permission, particularly when there is a delay in getting planning on their own landbanks, there is an ever-increasing number of smaller builders waiting in the wings for sites that will usher them into the top end of the Dublin market. Earlier this year, a little known Maynooth-based developer, Ray Grehan of Glenkerrin Homes, outbid several leading housebuilders when it paid around €51m for Ballintyre Hall and an adjoining 24.3 acres at Ballintyre Avenue in Rathfarnham which had planning permission for 401 houses and apartments.
The Northwood site going for sale has full planning permission and a fire safety certificate for 211 two-bedroom apartments ranging in size from 60-69 sq m (646-743 sq ft), 68 one-bed units with 46-54 sq m (495-581 sq ft) and 36 three-bedroom homes with 70-119 sq m (753-1,281 sq ft). About 96 car-parking spaces will be provided at surface level and a further 298 will be located underground.
Donal Kelleher of HOK estimates that one-bedroom apartments will sell for at least €250,000 each, two-bedroom units from €300,000 and three-beds from €330,000. The end value of the scheme will be in the region of €90 million.
The syndicate selling the apartment site built and sold almost half of the 650 apartments already occupied at Northwood. Another builder, Lyndonbarry, sold 219 apartments in the second phase and is currently developing a further 119 homes in another part of the estate. Apart from the site now on the market, there is also planning for a further 300 apartments in the fourth phase of the building programme.
About 60 acres of the original 160 acres acquired by Mr Kilmurray has been developed as a public park and taken in charge by Fingal Co Council. Apart from the apartments, the demesne also accommodates a new hotel which is expected to capitalise on its proximity to the airport. A nursing home and an office scheme are also under construction and there are plans for a business park and retail centre.
