€42m for Dublin residential site with scope to deliver up to 1,600 homes

Developers and investors looking to capitalise on the significant demand for accommodation in both Dublin’s owner-occupier market and private rented sector will be interested in a major residential opportunity being brought to the market by Savills Ireland at a guide price of €42 million.

Located immediately adjacent to the hugely-successful Grange scheme at Baldoyle in north Dublin, the Project Shoreline site extends to an overall area of 51 hectares (125 acres), and comes with full planning permission for 546 homes.

While the guide price equates to a gross average site cost of €76,293 per unit under the existing planning consent, there is potential according to the selling agent to increase the lands’ density to at least 1,592 units through further planning permissions. Were a purchaser to achieve this target, it would reduce the gross average site cost to a far more modest €26,250.

Assembled originally by the developer Séamus Ross, the Project Shoreline portfolio comprises 23 hectares (56 acres) of residential land and 28 hectares (69 acres) of open space and high-amenity space. The site is being sold as a single lot on the instruction of receivers Tom O'Brien and Simon Coyle of Mazars.

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The residential element of the site is split into two “growth areas” extending to 17 hectares (41 acres) and six hectares (15 acres) respectively.

Growth area 17 hectares (41 acres) comes with full planning permission for a scheme of 546 high-end residential units designed by award-winning architects, Henry J Lyons. A feasibility study prepared in advance of the sale suggests there is scope to increase the site's density to at least 833 units. The proposed scheme incorporates a new town centre and landscaped gardens.

Growth Area 2 (six hectares) meanwhile is zoned for residential development with a feasibility study reporting its potential to accommodate 759 units subject to planning permission .

The Project Shoreline site occupies a high-profile coastal position, just 1.5km from the village of Baldoyle.

In terms of its accessibility, Baldoyle enjoys the benefit of strong public transport links and an established road network. The subject site adjoins Clongriffin Dart station, giving access to Dublin city centre within 20 minutes, and regular access to Malahide and to Belfast. There are numerous local bus routes, providing access to the city centre within 30 minutes.

The R107, the main arterial road linking north Dublin’s towns and suburbs with the city, is situated km to the west of the site. The M50 motorway is also within close proximity, while Dublin Airport is located 9.5km to the north-west of the subject site.

John Swarbrigg, director of Savills’ development division, says: “Project Shoreline is a unique opportunity to develop a significant residential scheme within an established residential destination. It offers coastal living and excellent connectivity to Dublin City Centre”.