SAVILLS HOK is quoting over €6.5 million for a ready-to-go mixed-use development site at Drimnagh, Dublin 12, which is to be auctioned on April 16th.
The former garage and petrol station extends to 0.122 hectares (0.54 of an acre) and occupies a high profile location with dual frontage on to the Drimnagh Road and Slievebloom Road in the centre of Drimnagh.
Dublin City Council recently granted planning permission for four ground floor retail units and a café/bistro with a total floor area of 1,263sq m (13,595sq ft).
The permission includes an office block rising from four to five storeys with a total floor area of 2,182sq m (23,487sq ft) and an average floor plate of 550sq m (5,920sq ft) which may be subdivided. The development will also include nine one, two and three-bedroom apartments, basement storage space and 28 underground car-parking spaces. Savills HOK says the Drimnagh area is seriously lacking in modern convenience retailing facilities and office space.
The agency said that retail rents in the development are likely to be between €484 and €592 per sq m (€45 and €55 per sq ft) while office rents of €269 per sq m (€25 per sq ft) should be achieved.
