The site on Crofton Rd, Dún Laoghaire (outlined in red) currently accommodates a car park and a two-storey house
Residential property developer Brian M Durkan Ltd is understood to have paid over the €5.25m guide price which solicitor and developer Noel Smyth was seeking for a site close to the waterfront in Dún Laoghaire.
Mr Smyth’s Fitzwilliam Real Estate group had secured full planning permission for 74 build-to-rent apartments on the site on Crofton Road located to the rear of St Michael’s Hospital which has been accommodating a car park and a two-storey house.
The price for the 0.8 acre (0.32-hectare) site was the equivalent of about €6.5m per acre which was the highest price per acre paid in Dublin during the third quarter of this year. This high price reflects its sought-after location practically in the heart of Dún Laoghaire close to the Dart station, the bus terminal and a range of amenities such as the harbour with its boating activities, the theatre and shops. The selling agent was Knight Frank.
The approved scheme will have uninterrupted views across Dún Laoghaire harbour and have a number of amenities on its own site including a gym, and social and co-working areas. Its existing planning approval provides for 74 rental apartments consisting of a mix of 55 one-bedroom units and 19 two-bedroom units along with one commercial cafe unit over two buildings with heights ranging from part four to eight storeys.
Mr Smyth’s company had previously offered it for sale in 2019 with an asking price of €6.5m even though at the time it did not have the planning permission.
He had also submitted an alternative strategic housing development application for 102 rental apartments and An Coimisiún Pleanála’s website showed no decision on that application by the time we went to press.
An advantage of the current permission is the lower 10pc Part V provision for social and affordable housing as well as the absence of an expensive basement parking requirement thanks to its proximity to so many transport facilities.
It will also be interesting to see if the purchaser will seek to avail of the recent Government changes in the apartment building guidelines to increase the number of units in the development. Brian M Durkan has also been an active residential developer and builder in the Dublin and Wicklow markets for decades.
Among its many housing projects have been apartment complexes such as Beaufield Mews in Stillorgan, Merrion Hall on Mount Merrion Avenue and nearby Booterstown Wood. The firm has also developed houses such as those in York Court Dún Laoghaire.
Mr Smyth has also been involved in a number of property projects over the decades including Citizen M Hotel on the corner of Liffey and Middle Abbey St in Dublin city centre.
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