A ‘ready to go’ site with the potential to house one of Ireland’s largest residential developments has entered the market looking for € 50 million. The opportunity is expected to generate strong interest from developers and investors alike given the scale of the potential development, which could provide a much needed boost to supply in the Irish property market.
The 27.4 acre site in Clongriffin, North County Dublin, known as ‘Project Capital North’, is sold by Gannon Properties and comes with a full building permit for 1,823 residential units, a hotel of 209 rooms, including 20 short-term rental apartments. , and 1,358 parking spaces. The site also has an authorization for 22,728 m² of retail space, offering office and retail space.
The site was expected to hit the market for some time and has now officially launched.
Andrew Sherry, Division Manager at Savills Ireland, said: “Everything is in place for a potential buyer to immediately start construction on what will be one of Ireland’s largest residential developments. The site’s location is ideal – it’s very accessible – and there is an abundance of transport options within walking distance that will get you to Dublin city center in under 25 minutes or to Dublin Airport in less than 25 minutes. 15 minutes. We expect that there will be significant demand from developers and investors to acquire this site given the scale of the opportunity offered. “
Development of Clongriffin
Dublin’s northern suburbs are an attractive area for residential development, offering proximity to Dublin city center and seaside life.
The original master plan for the larger 53 hectare site of Clongriffin in 2003 called for 3,600 residential units. The development of Clongriffin was based on the vision of Gannon Properties, with a significant initial investment in transportation infrastructure as well as community and recreational amenities in place today.
The site represents part of the final development proposals for Clongriffin, which is 9½ km northeast of Dublin city center.
Earlier this year, Irish property developer Twinlite and its joint venture partner Tristan Capital Partners brought two rental apartment programs to market, with more than 650 units, at an estimated price of over 300 million euros.
The coastal area adjacent to Clongriffin is well known for its beaches, with Portmarnock Beach and Burrow Beach around 3 miles away, while the area also caters for young families, professionals and outdoor enthusiasts with several schools, sports clubs, beaches. and public parks nearby.
With the Dart station and the first phases of Clongriffin completed, the opportunity exists to complete this new residential area.
The area may also have a Luas station, but not for some time yet. A recent review of the National Transport Authority’s strategy for the capital proposed that planning and design work be done on eight other Luas roads, including Clongriffin, but that construction would not begin until 2042 or later.