€8m for Dublin city centre site with scope for 124 apartments

Developers involved in the delivery of apartments for Dublin’s private rented sector (PRS) market will be interested in a well-located infill site of 0.6 acres (0.24 hectares) which has come to the market at the heart of the Liberties.

Located on Steeven’s Lane and less than 2km west of St Stephen’s Green, the subject site comes with the potential for up to 124 residential units, according to the feasibility study prepared for the sale. The property, which is occupied currently by a three-storey office building and surface car park, is being offered for sale by agent Cushman & Wakefield at a guide price of €8 million.

The site is located within an area zoned Z4 – District Centre under the Dublin City Development Plan 2016-2022. The feasibility study and planning report drawn up by Henry J Lyons Architects and McCutcheon Halley Chartered Planning Consultants suggests the site is capable of accommodating a residential scheme of between 110 and 124 units or a hotel consisting of 266 bedrooms.

Compliance

Under the residential schemes, the architect has adhered to height compliance within the Dublin City Development Plan for a seven- to eight-storey development. In addition to this, there is a second option, which increases the density and height of the scheme and would be allowable in principle under a Strategic Housing Development (SHD) or “fast-track” planning application to An Bord Pleanála.

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Steeven’s Lane is well connected by public transport. Heuston Station, which is situated just 200 metres from the subject property, offers a range of intercity and commuter rail services and access to the Luas Red Line service, while nearby James’s Street is served by a number of Dublin Bus routes.

Paul Nalty and John Donegan of Cushman & Wakefield say they expect to see considerable demand for the subject site given the combination of its location and the scope it offers to deliver a residential or hotel development of considerable scale.