The proposed development at Ballyogan, Dublin 18
A ready-to-go development opportunity with full planning permission for 49 apartments near The Park retail park in Dublin 18 has come to the market and agents Savills are guiding €3.5m for it.
Located at Ballyogan Road, the site extends to 1.19 acres. Its planning permission would allow a mix of units: one three-bedroom apartment; 29 two-bed units and 19 one-bed units, each with private balconies/terraces. The permission also includes a 20-space surface car-park.
The various unit types extend to an average floor area of 563 sqft for one-bed units, 904 sqft for two-bed units and 1,317 sqft for the three-bed unit. These would be spread between two apartment blocks of four storeys each.
While the number of parking spaces is modest, Ballyogan Road is served by two green line Luas stations. The site is also within walking distance of Leopardstown village centre and a range of local amenities including shops, cafés, pharmacies, schools and recreational facilities.
A developer could qualify for extra tax relief from the profits generated by the sales of the units following last October’s budget. It announced an “enhanced corporation tax deduction for certain costs incurred on the construction of apartment developments, and for the conversion of non-residential buildings into apartments… worth up to €6,250 per apartment”.
Effectively that means a 125pc offset of key costs against profits tax, up to a limit of €50,000 per unit.
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