A site with full planning permission for a major co-living scheme has come to the market in Dublin city centre seeking €25 million.
Located midway along Cork Street, the 0.45 hectare (1.1 acre) holding is being offered to the market by joint agents Colliers and Cushman & Wakefield having secured approval from An Bord Pleanála for the construction of a 372-unit development comprising 378 bedspaces ranging in size from 17sq m to 36sq m (183-388sq ft) all within a seven-storey structure.
Designed by architect John Fleming, the permitted scheme also includes a reception area, communal lounge/social room, a multi-purpose room, a private function room, cinema, yoga space, a gym and workspace area, all on the ground floor. There is also a plan for a cafe, which could be separated from the co-living space, as well as 1,336 sq m (14,380 sq ft) of additional space on the lower ground floor level, which could provide an opportunity for alternative standalone uses. The proposed scheme is situated within close proximity to Weaver Park, a recently-constructed one-acre public park, that forms part of the wider regeneration of the Cork Street area.
‘Perfectly suited’
While Minister for Housing Darragh O’Brien banned co-living schemes last December, the purchaser of the subject site, at the Old Glass Factory in the Liberties area of Dublin, will be free to proceed with it its development as its planning application predated the ban’s formal introduction on December 22 last. Although opposed by local residents and councillors, planning permission for the Cork Street scheme was granted at the end of 2020, with a direction from An Bord Pleanála that the scheme be reduced by 19 units.
Commenting on the sale of the site, Richard Bielenberg of Colliers said: “The vendor has achieved an excellent planning consent in an area that is perfectly suited to co-living.”
Paul Nalty of Cushman and Wakefield said the scheme has "potential to generate a strong income stream and is designed for maximum efficiency from an operational perspective".
