A RESIDENTIAL SITE of 1.2 hectares (three acres) at Donabate village in north Dublin, offered for sale in 2009 at a guide price of €1.5 million, is back on the market with an advised minimum value of €300,000.
Savills plans to auction the plot in Buswells Hotel in Dublin city centre on December 1st.
The 80 per cent cut in the guide price underlines the sharp fall in land values, even in a popular north Dublin coastal village, because most developers have either taken a major hit on existing landbanks or are unable to secure bank funding.
The €100,000 per acre valuation is likely to alarm some developers who bought sites at the top of the market.
Though there is no existing planning permission for the Donabate land, the site is zoned “to provide for residential development and to protect and improve residential amenity”.
Jonathan Preston of Savills says that, in keeping with the surrounding character of the area, the site is very well suited to low density, high quality housing – perhaps six or seven homes.
The site adjoins Newbridge House and demesne which extends to 370 acres of parkland and woods. It has 44 metres of frontage on to Hearse Road and adjoins the Campus petrol station. It is also close to Donabate railway station which offers a regular commuter service to the city centre.