The property holds full planning permission for 79 apartments, a two-storey senior citizen centre and a retail space
A high-profile town centre site in Swords, Co Dublin, which produces income and has significant residential development potential has come to the market. Agents JLL are guiding €6.2m for it.
The property holds full planning permission for 79 apartments, a two-storey senior citizen centre extending to 8,686 sqft, as well as 2,248 sqft of retail space. That planning permission was secured by Brookclam Land Ltd.
Occupying a prime position on Forster Way, just 50 metres from Main Street, the 1.38-acre (0.56 ha) site is currently operated as a surface car park with 105 spaces generating a net operating income (NOI) of €395,000 in 2024. It is currently managed under a short-term contract by Euro Car Parks.
The asset benefits from prospects for revenue growth as a further 29 parking spaces have recently been marked out within the existing boundary and together with an increase in hourly parking rates from €3.00 to €3.20, these could combine to boost forecast NOI to approximately €575,000 in 2025, offering reversionary rental potential.
Plus Architecture designed the complex which has achieved planning permission and this design is arranged over six storeys above a single-level basement.
A developer could seek to further increase the number of units following the Government’s adoption of revised Planning Design Standards for Apartments last July.
Indeed Plus Architecture believes an additional 12 units could be integrated within the approved building envelope, bringing total capacity to 91 units, subject to the necessary consents.
Ollie Lyons of JLL said: “We expect strong interest from both investors and developers, given the attractive income profile and excellent planning obtained. With light-touch asset management, the car park could deliver an appealing reversionary yield of around 8.5pc-9pc. As a development opportunity, the scheme benefits from short-term income and potential to increase the number of units from 79 to 91.”
source