A 65-acre west Dublin site with fast-track planning permission for up to 950 homes is expected to see intense competition from developers and investors. Located within the Clonburris Strategic Development Zone (SDZ), the site – which is guiding at a price of €27.5m – is being marketed as an “unrivalled opportunity” by selling agents Mark Reynolds and Nicky Conneely of Savills.
The subject site is located approximately 12km west of Dublin city centre, between the established residential suburbs of Lucan and Clondalkin, and is within almost equal distance to the N4 and N7 national roads, both of which are less than an eight-minute drive. The nearest Dublin Bus stop is just a two-minute walk from the site. Clondalkin/Fonthill train station is situated within a six-minute walk, providing regular commuter train access to Dublin Pearse in Dublin’s central business district in approximately 30 minutes.
There are several established business parks nearby, which are home to significant employers. Grange Castle Business Park – home to both Pfizer and Takeda Pharmaceuticals, and Cuisine de France – is located 3km from the subject property or less than a five-minute drive, while Park West Business Park, Fonthill Retail Park, Liffey Valley Shopping Centre and Citywest Campus are all to be found within a short distance of the site.
The Clonburris portfolio offers scope for the construction of between 800 and 950 residential units (18-23 per acre) and 800 sq m of commercial space. The guide price of €27.5m breaks down to approximately €423,000 per acre, or €30,000-€32,000 per plot (average of houses and apartments). In December 2015, the site, along with the neighbouring lands, was designated as a Strategic Development Zone by South Dublin County Council – allowing for fast-track development to take place. This SDZ is due to be formally adopted in 2019. The SDZ provides specific detail of what development SDCC want to achieve at this location. This means that if a developer applies for planning permission for a scheme consistent with the principles of the SDZ, they must be granted permission. This provides a significantly reduced risk of delays with the planning process. Individual applications cannot be appealed to An Bord Pleanala once they are in accordance with the overall SDZ.
Commenting on the opportunity the site represents, Nicky Conneely of Savills said: “The SDZ designation of these lands will enable fast-track development of much-needed residential accommodation, which makes this opportunity unique. The ability to delivery up to 950 units provides an unrivalled opportunity for developers.” Research from Savills shows demand for housing in Dublin remains robust, with residential transactions increasing by 5.6pc in the 12 months to the end of September 2018. New home sales rose by over 20pc compared with just 2.8pc in the second-hand market in the same period.