Albany House and its grounds off Killiney Hill Road may eventually accommodate 31 homes, writes Jack Fagan
One of the best located development sites to reach the market this autumn - a large family home on 0.85 hectares (2.11 acres) at Killiney Hill Road in Killiney, Co Dublin - is expected to interest a range of housebuilders who specialise in small infill developments. CB Richard Ellis is quoting over €13 million for the property which goes to tender on November 23rd.
Although the demand for development sites has eased off - because of tighter financing by most of the main banks - there are any number of successful developers using the slowdown in the market to assemble prime sites which can be brought into play when the new homes sector takes off again.
The extensive gardens of Albany House and part of a neighbouring garden are being merged to provide for the new development off Killiney Hill Road. There is also the option of an alternative access on to Shanganagh Road.
A feasibility study by James Pike of architects O'Mahony Pike suggests that there is scope to provide 31 residential units on the site, including 23 large houses, most of them with views over Killiney Bay. The study envisages 12 large four-bedroom houses of 260sq m (2,799sq ft); 11 four-bedroom houses of 200sq m (2,153sq ft); six two-bedroom apartments of 100sq m (1,076sq ft) in Albany House which is listed for preservation; and two mews houses of 100sq m (1,076sq ft).
"The Killiney address and the fact that most of the homes will have sea views should ensure premium prices," according to CBRE.
A number of apartment developments in the area have sold well, notably the four-storey Ridge Hall development at the junction of Wyattville Road and Shanganagh Road.
Ronan Webster of the selling agent says that this is a "superb opportunity for a high-end quality development in one of Dublin's most affluent areas. The finished product will attract interest from those trading up and trading down who are not as price sensitive as others in the market."
The site is within a short walk of Killiney Dart station on Station Road. The extension of the Luas service from Sandyford to Cherrywood - currently under construction - will make the area even more accessible. The first Luas tram to Cherrywood is due to run in late 2009 or early 2010.
