Infill Site: Even in a somewhat slow market, there is always a high level of interest in well located development sites in Dublin city centre. For that reason DTZ Sherry Fitz-Gerald is expecting strong competition for an apartment site at Bowe Lane East, off Aungier Street in Dublin 2, which is to go for sale by tender on November 29th.
The agency is quoting €10 million for the site of 0.19 of a hectare (0.47 of an acre) which has full planning permission for 50 apartments, most of them two-bed units, and 480sq m (5,167sq ft) of commercial space. There will be about 64 car-parking spaces at basement level. Significantly, the vendor is retaining ownership of 40 of these spaces.
The site is being sold on behalf of Fanagans, the funeral undertakers, who have used the old warehousing on the site for storage and the parking of hearses. There is pedestrian access to the site from 22 Aungier Street. The location is likely to prove popular with developers because it is within a few minutes walk of South Great George's Street, South William Street and other adjoining streets which have become the main recreational area for young people in the city. The area has any number of bars, restaurants and nightclubs which are busy throughout the week. The small supply of apartments in this part of the city rent particularly well with overseas workers competing with locals for the accommodation. One-bedroom apartments generally attract a rent of at least €1,100 while two-bedroom units can make between €1,600 and €2,000.
A price of €10 million for the Fanagans site works out at €200,000 per apartment before the commercial unit is taken into account. The permission provides for eight two and three-bedroom duplex units ranging in size from 78sq m (840sq ft) to 115sq m (1,238sq ft); 38 two-bedroom units with 63sq m (678sq ft) to 92sq m (990sq ft); two one-bedroom apartments with 60sq m (646sq ft) and two three-bedroom homes with 102sq m (1,098sq ft).
Under the city development plan, the site is zoned objective Z5 "to consolidate and facilitate the development of the central area and to identify, reinforce and strengthen and protect its civic design character and dignity". Should a purchaser decide to seek permission for a different development they will be allowed to consider an extensive mix of amenities including office, retail, district and neighbourhood shopping as well as residential use. A strong selling point is that the site is within a few minutes walk of the Luas stop on St Stephen's Green. That area is also proposed as a key public transport interchange.
