With January well under way plans are advancing for a number of new luxury home schemes in both the south city and suburbs.
In Ranelagh, now one of Dublin's most coveted areas, developer Hines has plans for a small residential scheme at 19-25 Dartmouth Road, which forms part of the Irish Nationwide HQ that the developers recently acquired for around €37 million. The developer's plans involve the construction of a new terrace of four three-storey over basement five-bedroom houses. The houses, which are directly adjacent to Dartmouth Square West, and will front onto Dartmouth Road, will inevitably command strong prices once constructed, and will have no shortage of interest based on the recent sales results of neighbouring Dartmouth Square houses.
Two months ago, a bidding war erupted for 58 Dartmouth Square, a mid-terrace house with south-facing garden, which was seeking €1.3 million. After heated bidding, a buyer emerged at €1.617 million – a strong price given the costly refurb that the new buyers face. A renovated house just doors away sold for €1.92 million five months prior, highlighting the continuing upward trajectory of prices in the locale.
On Foxrock’s Leopardstown Road, Victoria Homes plan to demolish an Edwardian home named Lissadell in order to develop its 0.45-acre site. In all, the house will be replaced with four semi-detached and three terraced houses. The property had been on the market for some time, first seeking €2.25 million, and later €1.75 million, before being bought by the developer for an undisclosed sum. Victoria Homes is one of the more active residential developers in the Dublin area and has a number of developments in progress across north and south Dublin.
Further afield, Richard and Michael Larkin's Twinlite Developments is set on dominating Dalkey's new development market. Their swish new Enderley scheme on Cunningham Drive is expected to be completed this year, and now the developers have acquired a further 5.46 acres of prime Dalkey land in two separate deals. The Larkins purchased a 3.14 acre site with a €5.75 million price tag through Sherry FitzGerald, which is bounded by Castle Park School and the Castlepark Residence apartment development. The site was estimated to be worth about €10 million in 2006. Elsewhere on Barnhill Road, at the heart of Dalkey village, the brothers acquired the 2.32 acre Dalkey Manor site, which was guiding €7 million through Savills. Its previous owners, PegasusLife, purchased it in 2014 for circa €5 million, and were unsuccessful in securing planning for a retirement home on the site following local opposition. Twinlite is expected to announce details of their proposed plans for at least one of the sites in early 2017.
