A planning application has been submitted by Grant Thornton, as receivers of Ray Grehan's Glenkerrin Homes, to develop the company's landmark site in Howth, which was assembled by the developer at the height of the property boom.
In 2007, Grehan paid a combined €62 million for two adjoining coastal sites of 6.58 acres when he purchased the Techrete and Teeling Motors sites for €50 million and €12 million respectively. The remainder of the site comprises Baltray Park and the lands of a water pumping plant, which Fingal County Council has permitted the developer to include as part of its application.
The combined 10.87 acre site will be developed with a mixed-use scheme including 196 residential units, six commercial units including restaurants and a gym, while a large community centre, public park and outdoor sports facilities, along with four houses for members of the Travelling community is also planned.
It is little surprise, given that the site neighbours Howth Dart station, that the development will include apartments despite being located in a low-rise area. The majority of the 145 apartments will have two-bedrooms, with only 18 one-bedroom and 21 three-bedroom units.
All of the units will be generously proportioned, with sizes ranging from a 55 sq m one-bed to a 170 sq m three-bed apartment. Buyers seeking family homes will be pleased to find that the development includes 51 exceptionally large three- to four-bedroom homes, ranging in size from 180 sq m to 258 sq m.
The developer has faced opposition from locals in the past, but should the current scheme proceed, it will undoubtedly be one of the most ambitious schemes to have broken ground since the property market was revived in 2013. When Glenkerrin originally purchased the Howth sites in 2007, expected values of two-bedroom apartments were in the region of €750 to €800 per square foot. Few developments have been launched in recent years in prime seafront locations on Dublin’s northside, however MKN Development’s Seascape scheme in Clontarf, launched in 2014, has demonstrated that there is a clear demand for such units and that high prices are attainable.
Prices of up to €743/sq ft have been achieved so far for mid-floor two-bedroom apartments with sea views.
