Just over three months after it engaged CBRE to dispose of three of its best-known Dublin pubs, Oakmount, the company headed up by developer Paddy McKillen jnr and Matt Ryan, has instructed JLL to find a buyer for the former Union Cafe site in Mount Merrion.
Situated immediately adjacent to the Pinnacle, the high-end residential scheme which is in the process of being developed on the site of the landmark 1,000-seater Stella Cinema, the subject site comes for sale with a positive planning history at a guide price of €5.75 million.
The property’s potential to accommodate a prime residential scheme is firmly evidenced by the planning permission secured by the vendors from Dún Laoghaire-Rathdown County Council on November 30th, 2018. While this approval (Planning ref: DLRCOCO 301502) has since lapsed, it allowed for the construction of 50 apartments across two four-storey blocks and a 1,164sq m, three-storey commercial block along with 2,985sq m of basement parking.
The site is zoned NC ‘Neighbourhood Centre’ under the Dún Laoghaire-Rathdown County Development Plan 2022 – 2028, with objectives to protect, provide for and improve mixed-use neighbourhood centre facilities. Permitted uses under this zoning include residential, restaurant, neighbourhood shop, public house and several other possibilities.
The site is well located in the heart of Mount Merrion village and is just 500m from the N11 quality bus corridor. The M50, Luas green line and Dart are all located within a short drive of the property.
Ollie Lyons of JLL says: “While south Dublin has seen high levels of apartment development geared towards the build-to-rent (BTR) sector, this site represents an opportunity to create much-needed homes in a much sought-after neighbourhood that are available for purchase by owner occupiers.”
News of the Mount Merrion site sale follows Oakmount’s recent decision to dispose of three pubs within its portfolio, namely Ashton’s in Clonskeagh, Dublin 6, Thomas Rody Maher’s (formerly Larry Murphys) on Baggot Street, Dublin 2, and The Foxhunter in Lucan, Co Dublin. The portfolio was placed on the market through agent CBRE at an overall guide price of €13.5 million. The venues are also being made available for sale individually at guide prices of €4.75 million for Ashton’s, €3.5 million for Thomas Rody Maher’s, and €5.25 million for the Foxhunter (including an adjacent development site).
