High-end Blackrock apartment scheme guiding at €59m

Joint agents Cushman & Wakefield and Sherry FitzGerald New Homes are guiding a price of €59 million for the Rockpoint apartment development in Blackrock, Co Dublin.

The scheme, which is under construction currently and due for practical completion in the final quarter of this year, will comprise a total of 91 apartments distributed across two blocks. Aimed towards the upper end of the private rented sector market, the development will consist of a mix of 49 one-bedroom apartments, 38 two-bedroom apartments and three three-bedroom units, along with 71 underground car-parking spaces.

Rockpoint is well located in Blackrock and just 7km southeast of Dublin city centre. The scheme is situated just off the Frascati Road (N31) and within a short walk of both Seapoint and Blackrock Dart stations and Blackrock Village itself.

While the €59 million being sought for the development equates to a significant average price of €648,351 per unit, the selling agents say they expect rents in Rockpoint to range from €2,600 to over €4,000 for the larger units. The portfolio is being offered to the market by way of a forward-purchase agreement on behalf of Seabren Developments – the company led by Michael Moran of the Red Cow Moran Hotel.

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Seabren acquired the 0.5-hectare Rockpoint site from developer Pat Crean’s Marlet Property Group in 2020 for about €7.5 million. At the time of that sale the former Europa Garage lands had planning permission in place for a smaller development of 42 apartments and nine houses. Seabren secured planning permission for the present scheme from An Bord Pleanála in 2021 in the face of objections from a number of parties including the former president of the European Parliament, Pat Cox, and the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media.