Residential sites for 458 houses and apartments and 66 homes for over €35m

With Dublin’s housing shortage unlikely to be solved for a considerable time, there is likely to be strong interest in a well-located, mixed portfolio of 458 housing and apartment sites and 66 residental investments in the greater Dublin area.

Agents Cushman & Wakefield are guiding €25 million for 10 sites extending to 60 acres and a further €10.35 million for a portfolio of rented homes in north Dublin and north Kildare.

The sites and completed homes will be sold in one or more lots.

The land holding is spread over 10 well established residential locations with planning permission already available for 458 houses and apartments and development potential for at least another 250 houses.

Donal Kellegher of the selling agents said there was potential to add a "significant number of further planning permissions and land rezonings through additional asset management".

Most valuable

The most valuable part of the portfolio is a 6.75 acre site at Swords Road in Drumcondra, Dublin 9, which has planning permission for 358 apartments and is valued around €12 to €13 million. Even at €13 million, the price will work out at a reasonable €36,312 per apartment.

The next highest valuation, at €3.5 million to €3.75 million, relates to a 4.5 acre site at Clongriffin, Dublin 13, where planning permission was granted for 328 apartments but has since expired.

Lusk site

Another site of 8.8 acres in Lusk has a guide price of €3 to €3.3 million.

Over in Portmarnock, Cushman & Wakefield will be inviting best bids for a 2.5 acre site at Station Road with the advantage of planning permission for 12 town houses and 49 apartments.

Another site extending to 1.5 acres at Mayeston Hall, St Margaret's Road, Finglas, Dublin 11, has planning permission for 28 houses.

Also for sale is a 24-acre site at Portmarnock with medium- to long-term rezoning potential and two infill plots at Kill and Celbridge, Co Kildare, with planning for 11 houses.

Kellegher says the portfolio offers buyers the opportunity to bring these sites through the development cycle to enable them to benefit from immediate and longer term returns.

Cushman & Wakefield is guiding €10.35 million for 66 residential properties – 61 apartments and five houses – in three locations: Clongriffin, Dublin 13; Mayeston Hall, Dublin 11; and Primrose Gate, Celbridge, Co Kildare.

The portfolio is producing €746,000 a year and, according to the selling agents, there is scope to increase the gross rent roll to over €960,000