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Price of Foxrock residential development site slashed by 31% to €2.25m

The Grove on Mart Lane first offered for sale for €3.25m in February 2022

Having failed to attract a buyer when it was offered for sale for €3.25 million in February of last year, a Foxrock house on a 0.59-hectare (1.48-acre) site with residential development potential has been returned to the market at a new and heavily discounted guide price. On this occasion, The Grove on Mart Lane is being marketed by agent Cushman & Wakefield for €2.25 million, or some 31 per cent less than it had been guiding previously.

The subject site comprises a large five-bedroom bungalow which was built in the late 1960s. The dwelling extends to 1,977sq ft, is in good condition throughout, and is ready for occupation. The house is set out on a 0.60-hectare (1.48-acre) site and the grounds have been well maintained across the entire property. While the property is accessed from Mart Lane at present, there is potential for future access into the site from the nearby St Brigid’s Park residential estate. The subject property has retained its ‘Objective-A’ zoning under the Dún-Laoghaire Rathdown County Development plan 2022 – 2028 and as such, presents an opportunity for a low – medium density residential scheme on the lands, subject to planning permission. HKR Architects have undertaken a capacity study on Mart Lane which highlights the different options that are feasible for development on the lands. One option includes the retention of the existing dwelling along with the development of 12 large houses, while another option suggests there is scope for the delivery of a compact housing model of 27 new homes ranging between two and three storeys in height across the entire site.

The Grove is well located at the corner junction with St Brigid’s Park and just a kilometre from Foxrock village via Westminster Road. Dublin city centre is a 20-minute drive away, while the surrounding suburbs of Stillorgan, Deansgrange and Glenageary are all within 5km of the subject site. The area is well connected by public transport with numerous bus routes providing links to Dublin city and the surrounding area along the N11 Quality Bus Corridor. The site is less than 3km from Junction 15 of the M50 motorway.

Paul Nalty of Cushman & Wakefield says: “Mart Lane is an excellent suburban residential development opportunity and due to its highly sought-after location, should have exceptional demand for its future scheme. We’re expecting good levels of interest for this sale, especially given the different development scenarios which the site lends itself to.”

Ronald Quinlan

Ronald Quinlan

Ronald Quinlan is Property Editor of The Irish Times