A 65-acre site situated within the Clonburris Strategic Development Zone (SDZ) in West Dublin has been placed on the market with a guiding price of €27.5m.
The sale, which is being handled by Mark Reynolds and Nicky Conneely of Savills, presents a unique opportunity to develop approx. 800-950 residential units (18-23 per acre) and 800 sqm of commercial space. The guide price 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.
The site is located approximately 12km west of Dublin city centre, between the well-known residential suburbs of Lucan and Clondalkin, and is within almost equal distance to the N4 and N7, both less than 8 minutes by car. The closest Dublin Bus stop is located within a 2 minute walk of the site. Dublin Bus operate route 40 through the area. Clondalkin/Fonthill Train Station is located within a 6 minute walk, providing 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 some significant employers. Grange Castle Business Park – home to Pfizer, Takeda Pharmaceuticals and Cuisine de France – is located 3km from the subject property or less than a 5 minute drive. Park West Business Park, Fonthill Retail Park, Liffey Valley Shopping Centre and Citywest Campus are also close-by.
Lucan and Clondalkin are both well-established residential suburbs offering a good number of schools, parks, sports facilities and commercial, restaurant and shopping amenities.
Nicky Conneely from selling agents Savills commented:
“The SDZ designation of these lands will enable fast-track development of much-needed residential accommodation, which makes this opportunity quite unique. The ability to delivery up to 950 units provides an unrivalled opportunity for developers in Dublin’’
Research from Savills shows that demand for housing in Dublin remains robust. Residential transactions rose by 5.6% in the rolling 12 months to end of September 2018. However, new home sales have risen by over 20% compared, with just 2.8% in the second-hand market.