Ready-to-go: A ready-to-go site with tax allowances and planning permission for 20 apartments at Oliver Plunkett Road in Monkstown, Co Dublin is expected to make in excess of €3 million when it is sold by tender next month by CB Richard Ellis Gunne.
There is likely to be strong interest in the site from small and medium-sized builders waiting for planning permissions to come through at other locations.
The site has an overall area of 0.15 hectares (.37 of an acre) and has full permission for 14 one-bed apartments, six two-bedroom units and 322 sq m (3,466 sq ft) of retail space. There is also provision for 29 spaces in a basement car park and five surface spaces. The site is located in an area known as Monkstown Farm and is equidistant from the suburbs of Blackrock, Dun Laoghaire and Deansgrange. It is currently trading as a filling station and comprises a terrace of two single storey retail units and two further single-storey units. Because the site is designated for urban renewal, owner-occupiers will be able to offset 50 per cent of eligible construction costs against all rental income over a 10-year period. Investors and lessors will be able to offset all Irish rental income against 100 per cent of construction or refurbishment costs.
Wesley Rothwell of CB Richard Ellis Gunne said they expected lively interest in the site because of the shortage of sites with planning permission. Whoever buys the site will not have to provide for either social or affordable housing.
