Development LandA first-class residential site with full planning permission - plus a large period mansion - is expected to achieve a record price at auction, reports Jack Fagan, Property Editor
The most important housing site to go on the market in south Dublin this year is expected to set a record price for suburban land when it is sold by tender next month.
Hamilton Osborne King is quoting a guide price of over €35 million for Ballintyre Hall, a large period mansion on 24.3-acres at Ballinteer Avenue, Rathfarnham,Dublin 18, which is within a few minutes' drive of the M50. There is full planning permission for 401 new homes, most of them apartments.
Many of Dublin's leading housebuilders are likely to be in contention for the site which has extensive frontages on to both Ballinteer Avenue and the Green Route (otherwise known as Brehonfield Road). Though there are any number of builders in a position to buy a high value site such as this one, there is every likelihood that it may acquired by a syndicate and developed by several builders.
Ballintyre Hall, a large two-storey Victorian mansion, is the centrepiece of the site and has its main entrance directly opposite the Superquinn store on Ballinteer Avenue. The 758 sq m (8,000 sq ft house) and the adjoining two-acre wooded grounds are listed for preservation and will probably end up being used either as a private residence, a nursing home, medical centre, a small hotel or as offices.
The house has four exceptionally fine reception rooms, a stunning hall and stairs and five main bedrooms with four further bedrooms in a staff wing. The house was owned for over 25 years by the Dublin City MP Edward Grogan and for the past 30 years was home to a Dublin business family. There are spectacular grounds, notably to the rear of the house which are both colourful and extremely private. There is planning permission to convert the old stables into mews houses and the gate lodge into a creche.
Given that the main house is conservatively valued at around €2 million, a price of €33 million for the balance of the land works out at a mere €82,294 per site - well below the going price for sites in the south Dublin suburbs. On that basis alone, it will be no surprise if the eventual selling price is closer to €40 million.
Of the 401 homes planned for the site, 152 will be one, two and three-bed apartments from 62-88 sq m (667-947 sq m) along with penthouses with 113 sq m (1,216 sq ft). There will also be 128 two, three and four-bedroom duplex units ranging in size from 65-116 sq m (700-1,249 sq ft). Most demand is likely to be for the 121 houses - three and four-bed terraced units, four-bed semis and five-bed detached homes running from 97-163 sq m (1,044-1,755 sq ft).
Pat Nolan of the selling agents estimates that apartments on the site should sell from €320,000 to €490,000, duplex units for around €425,000 and houses from €445,000 to €700,000. Ballintyre Hall is one of the few remaining sites undeveloped along the Green Route which adjoins Marley Park. It is a good solid middle class location within minutes of the nearest Luas station and the new Dundrum Town Centre yet only a short spin from the Dublin mountains.
Tenders close on October 15th.
