Wednesday 9 November 2011

Dublin suburb sites for sale at reduced prices

Two top-class redevelopment sites in the north and south Dublin suburbs are to be offered for sale at a fraction of their original valuations, writes JACK FAGAN

Wesley Rothwell, of CB Richard Ellis, is quoting a guide price of €1.5 million for the former Shandon Bakery Mill at Phibsborough in Dublin 7, and €795,000 for the site of the former Classic Cinema at Harold’s Cross Road in Dublin 6W.

The Harold’s Cross plot of 0.12 of a hectare (0.3 of an acre) should be first to sell because of its pivotal location in a densely populated area. The cinema has already been demolished and the odds are that the site will be used for a mixed development to include a retail element as well as either offices or apartments.

It would obviously appeal to either Aldi or Lidl if it had more on-site car parking space (the two German discounters seldom settle for a site of less than an acre).

However, it may well appeal to Tesco Express or Marks Spencer, given its location in an affluent area. The vendors are Capel Developments, who are also selling the former Sunday World site in the centre of Terenure village. It bought the 0.46 of a hectare site at the height of the property market for €18.3 million. The valuation has since slipped to €5 million.

The Phibsborough site, which extends to 0.65 of a hectare (1.6 acres), is also located immediately beside a busy junction, Cross Guns Bridge. It has 150 metres of frontage onto the Royal Canal. The property includes a number of derelict inter-connecting buildings, the largest a cut-stone former mill, as well as a tower building.

The sale has been called by Kavanagh Fennell, receivers to Stateford, who were refused planning permission by An Bord Pleanála for a high-rise mixed development varying from 2 to 13 storeys and comprising mainly residential units.

Rothwell said a series of feasibility studies have shown that there was potential to develop a medium-density residential scheme with a capacity of 33 to 45 homes and including a mixture of houses and duplex units.

Irish Times

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