Red Rock pays €7.025m for prime residential site in Dublin 4

Property developer Red Rock Developments has acquired a prime residential site in Dublin 4 with plans for 80 high-end apartments and a residents’ club house. The scheme is expected to be launched next year.

The developer, which had plans for a build-to-rent apartment scheme next to the Energia Park rugby stadium in nearby Donnybrook turned down last year, has acquired a 0.57 hectare (1.4 acre) site at the Elmpark Green Development on the Rock Road for €7,025,000. This works out at €96,000 per unit, based on the planning permission in place for 73 apartments.

The site was sold in a competitive bidding process by Richard Bielenberg of Colliers.

Red Rock intends to develop the site through its Turkington Rock venture, a collaboration with the well-known interior designer Helen Turkington. The venture has successfully completed a number of schemes in the past, including The Paddock at Bushy Park Road, Dublin 6, and Stone Park in Mount Merrion. Finance is being provided by Castlehaven Finance.

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Fantastic views

Keith Craddock, a one-time asset manager at Green Reit and founder of Redrock Developments, said that when completed, the high-specification apartment development, The Gardens at Elmpark Green, will have fantastic views across the city and Dublin Bay.

“Construction has already commenced and will be completed by the end of 2023 with the support of our funding partner, Castlehaven Finance,” he said.

The site comes with the benefit of planning permission for 73 apartments in Elmpark Green, part of the Elm Park Office Campus on the Rock Road in Dublin 4. Elmpark Green is a live-work campus, with office buildings overlooking Dublin Bay and residential blocks overlooking Elm Park Golf Club.

Planning permission was granted in 2020 for a building ranging from three to nine storeys, all arranged over the existing basement car park, where the sale included 73 car parking spaces with ancillary bicycle parking.

However, it’s understood that Red Rock Developments will look to develop out this permission, with amendments, including an additional seven penthouse apartments and a residents’ club house.

The proposed building will feature floor-to-ceiling glazing to capitalise on the site’s aspect and views. Residents will also be able to avail of the wide range of amenities currently available at Elm Park Green.