Dublin 15 site with planning permission for retail centre guiding €4m

Agent Cushman & Wakefield is seeking offers of more than €4 million for a site with planning permission for a 4,645sq m (50,000sq ft) retail centre in Tyrrelstown, Dublin 15.

The greenfield development site of 1.7 hectares (4.19 acres), which is currently owned by Glenveagh Properties, “represents a rare retail development opportunity in a prime position […] in one of Dublin’s fastest growing suburbs”, according to the agent.

Planning permission was granted in November 2023 for the development of a retail scheme, referred to as the Kilmartin Local Centre. The scheme would be anchored by a substantial supermarket unit, extending to about 2,403sq m (36,630sq ft), which would include a sales area of about 1,875sq m (20,193sq ft). The remaining area would be used as back-of-house space, a staff room and circulation space.

The scheme would also comprise a medical centre, cafe and an additional retail unit once completed.

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The development has 157 surface car-parking spaces with the site, and several existing Dublin Bus routes serve the area.

The planning permission pertains to about 2.29 hectares (5.68 acres) in tota,l and includes the existing Hollywood Road.

Tyrrelstown is an “established and thriving suburb”, the agent said, and is located 13km northwest of Dublin city centre and 6km west of Dublin Airport. Both the M2 and M3 motorways are located less than a five-minute drive from the site, providing convenient access to the M50 Motorway and other major routes.

What sets this retail site apart, according to the agent, is its proximity to an ongoing residential development by Glenveagh, which has plans for the construction of more than 1,000 new homes adjacent to the retail site.

There is also more than a million square feet of commercial space in the pipeline, it adds, which, along with the housing scheme, will be within a 1km radius of the subject site. This is in addition to major existing employers already established in the area, including Amazon, McArdle Skeath, Bristol Myers Squibb and Northwest Business Park.

Paul Nalty and Karl Stewart of Cushman & Wakefield, who are handling the sale, said: “The Kilmartin Local Centre sale is an excellent opportunity for either an owner-occupier or a developer to purchase a shovel-ready retail development site.

“The projected revenues for these units will be considerably strong, especially given the number of existing residents and/or workers already in the area, along with the substantial pipeline of upcoming projects within the coming years.”