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Development land sales strong amid Covid at €110m
Lisieux Hall site price is guiding at over €8.5m from Knight Frank
A rendering of the proposed development at Lisieux Hall
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AS much as €110 million was generated from the sale of 23 tracts of development land in the Irish market in the first quarter of 2021 according to figures released by property consultants CBRE Ireland.
Senior research analyst at CBRE, Colin Richardson points out that the performance was only marginally behind the opening quarter of 2020, when €112 million of deals were transacted so the level of activity witnessed this quarter is encouraging.
“As the economy potentially opens up in the latter half of the year we expect to see more stakeholders pick up their engagement levels around sites and transactional activity is likely to continue to tick up,” he added.
The most valuable deal saw 1.5 acres at Oca Verde, Swords Road, Drumcondra, Dublin 9, near the Bonnington Hotel, sell for €19.1m. which equates to €12.9m per acre.
The second largest deal saw 1.8 acres at Northern Cross, Malahide Road, sell for €10m or €5.65m per acre. Zoned residential these lands were sold subject to the purchaser acquiring planning permission for a development.
The third biggest deal comprised 12.4 acres at Ballinahinch, near Ashford village and the M11 road in Co. Wicklow which sold for €8.8m equating to €712,551 per acre. In 2019 investment firm Ardstone received the green light for 132 residential units at Ballinahinch and it included 116 houses and 16 apartments.
In north County Dublin 19.7 acres at Rowlestown near Swords, sold for €8.5m or the equivalent of €431,472 per acre. With the revival of plans for the Metrolink rail line from Estuary Swords to Charlemont in Dublin’s south city, this will make the Swords area more accessible to the city centre.
In west Dublin 5.1 acres at St Edmunds, Lucan, sold for €8.1m. or €1.59m per acre. In March 2020 Saint Edmunds Phase 3 Ltd was granted planning permission for 247 apartments and five houses and a crèche.
Meanwhile solicitor developer Noel Smyth is the latest land owner to bring a site to the market. His agents Knight Frank are guiding in excess of €8.5 million for the 2.9 acre site which has planning permission for 200 build-to-rent apartments at Lisieux Hall, on Murphystown Road, Leopardstown, Dublin 18. It is close to the M50 and the Green line Luas stop at Glencairn.
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