HousingLand: South Dublin Construction is set to buy a six-acre ready-to-go site in Central Park, Leopardstown which has permission for 450 apartments. Jack Fagan reports.
South Dublin Construction, a residential and commercial development company run by Michael Murphy, is believed to have agreed purchase terms for a large scale apartment site at Central Park in Leopardstown, Dublin 18.
The consortium which owns the site in the mainly office complex had planned to put it on the open market until it apparently received an approach from South Dublin Construction.
Independent sources had valued the ready-to-go site for 450 apartments at over €50 million but the indications this week were that Mr Murphy may have agreed to pay over €60 million for it. Formal contracts are likely to be completed shortly.
The site is owned by Treasury Holdings, Quinlan Private and David Arnold who have had a notable success with the office element in the park.
The largest building there of 24,432sq m (262,984sq ft) is occupied by Vodafone and stands as the largest letting of its kind in this country.
The Leopardstown site of six acres is located behind the Vodafone HQ and, while the concept of living in an office park may not appeal to everyone, another apartment scheme, Beacon South Quarter in nearby Sandyford Business Park, sold exceptionally well when launched about a month ago.
The arrival of the Luas service in Sandyford has provided an important boost to residential sales in the area.
The 450 apartments are to be located in three 13-storey blocks designed by architects Henry J Lyons and will include a mixture of one, two and three-bedroom units.
Up to 20 per cent of the overall scheme will be reserved for social and affordable housing. Bewleys operates a hotel just inside the entrance to the business park.
South Dublin Construction has had a long run of successes with its housing schemes, including Dodder Bank in Milltown, Dakota Court in Phibsborough, Orwell Wood and Orwell Park in Terenure and Dean Court on Patrick street, Dublin 1. Tony Campbell of agent GPK has been securing top prices for the developer in these and other schemes over the past 20 years.
The decision to sell the Leopardstown site was obviously influenced by the continuing buoyancy in sales of new apartments. The Leopardstown and Sandyford areas are in line for a substantial number of new apartments over the coming years as landowners opt to rezone sites from office to residential use. Inevitably, that will eventually lead to a glut in the market.
