Tallaght site with full planning for 196 rental apartments seeks €7.35m

A wide range of developers and investors are expected to express their interest in the sale of a “ready-to-go” residential development site at Cookstown in Tallaght.

Located just 13km from Dublin city centre and within walking distance of The Square Shopping Centre in Tallaght, the subject site comes to the market with full planning permission for 196 build-to-rent (BTR) apartments. Joint agents CBRE and Dillon Marshall Property Consultants (DMPC) are guiding a price of €7.35 million for the property.

Known as “The Avenue”, the approved scheme will, upon completion, comprise a mix of studios, one and two-bedroom apartments distributed across four blocks ranging in height from six to nine storeys over basement level, and overlooking the Luas red line. There is provision within the scheme also for residential amenity space as well as several commercial units at ground floor to provide for a gym, creche and a retail/cafe unit.

There are a total of 67 car parking spaces at basement level for the entire development. The limited parking provision is consistent with the site’s proximity to the Luas red line and numerous Dublin Bus routes. The site itself extends to 0.59 hectares (1.47 acres) and is occupied currently by an industrial facility.

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Tallaght is a thriving centre for business and is home to several State institutions including Tallaght Hospital (2,885 staff), the Institute of Technology Tallaght (6,000+ students) and the head office of South Dublin County Council (1,260 staff). There are a number of major employment hubs nearby including the Citywest Business Campus and Grange Castle Business Park. The Intel Ireland campus in Leixlip is also just over a 20-minute drive.

The Avenue benefits from excellent connectivity, with Cookstown Luas stop situated immediately adjacent to the subject site offering regular services to Dublin city centre, with a travel time of about 27 minutes to Heuston Station. Dublin Bus services both the surrounding suburbs and Dublin city centre, while the M50 motorway is situated less than 2.7km from the subject site.

With the private rented sector (PRS) market proving to be particularly resilient in the face of the Covid-19 pandemic, Darragh Deasy of CBRE and Damien Dillon of DMPC say they expect to see considerable interest in the property from a range of developers and investors.