Phibsborough sites primed for student and rental accommodation sold for €6m

The decision by Technological University Dublin (TUD) to bring its various faculties together at a new campus at Grangegorman coupled with the more general growth in popularity of nearby Phibsborough village continues to draw developers looking for infill sites suitable for residential accommodation.

The sales of the former Des Kelly furniture showroom and the site adjoining it at 168/169 Phibsborough Road are a case in point. Having been offered to the market on behalf of their respective vendors by agent Knight Frank at guide prices of €5 million and €1.3 million, the sites have been acquired by a private Irish developer for just over €6 million. While the two properties had represented attractive development opportunities in their own right, the selling agent advised the two vendors to align their sales processes with a view to optimising the outcome for all parties.

The Des Kelly site extends to an area of 0.43 acres (0.17 hectares), and currently comprises of the former Des Kelly Interiors furniture showroom and a number of retail units on the North Circular Road. As none of the buildings on the site are listed, it will be open to the purchaser to redevelop the site in its entirety.

The subject property has 55m of road frontage on to the North Circular Road, and offers secondary access from Royal Canal Bank which adjoins Blessington Street Park. Developed originally as the State Cinema in 1954, the former Des Kelly showroom rises to a height of 19m, while the adjoining units comprise a mix of single and part two-storey retail buildings with residential accommodation above.

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Terraced buildings

The adjoining site at 168-169 Phibsborough Road, meanwhile, extends to 0.21 acres, and comprises two two-storey, mixed-use terraced buildings. There is a warehouse building and yard to the rear of the site with access provided via a gated laneway under part of No 168 Phibsborough Road.

Reddy Architecture + Urbanism has completed a feasibility study identifying potential residential and student accommodation schemes for the site (subject to planning permission). These schemes consist of a 71 to 80-bed student accommodation scheme with ground-floor cafe, or an alternative development of 29 built-to-rent (BTR) apartments with a ground-floor retail unit.

Having acquired the two properties the purchaser will now have significant scope to increase the number of student beds or apartments proposed by this study. Both sites are zoned Objective Z4 under the Dublin City Development Plan 2016-22. The aim of this objective is “to provide for and improve mixed-services facilities”. Phibsborough is identified as “ Key District Centre 8” under the same plan.

The overall site is well located in Phibsborough village, within walking distance of numerous amenities and employment catchment areas including the Mater Hospital, TUD’s (formerly DIT) new Grangegorman campus which upon completion will have a population of over 20,000 students and 2,500 staff, Phibsborough Shopping Centre, Dalymount Park, Croke Park and Dublin city centre.

Transports links

The site has excellent public transports links and is just 500m from the Luas green line stop at Phibsborough which provides regular and rapid access to the city centre and beyond. A number of Dublin Bus services operate along both the Phibsborough Road and North Circular Road.

Phibsborough village, meanwhile, is undergoing significant regeneration currently, and is home to a wide range of popular restaurants and bars, including Doyle’s Corner pub, Loretta’s, Rua Woodfire Pizza and McGowans.