Richmond sells Foxrock site for close to its €11.5m guide
Located on 3.13-acres, it is accessed by way of a private road linking it to Brighton Road
A valuable Foxrock development site with planning permission for a mix of 57 houses and apartments has been sold by Richmond Homes, the residential development division of investment firm Avestus Capital Partners, which had been seeking €11.5m through agent Lisney Commercial Real Estate.
Lisney declined to comment on the sale but sources believe that the price achieved was approaching the asking price.
Located on 3.13-acres surrounding Craughwell, a large five-bedroom detached house, it is accessed by way of a private road linking it to Brighton Road, one of the main roads traversing Foxrock and its village centre which is located less than 500m away.
Richmond has been one of the most active Irish residential developers in recent years and was responsible for one of the largest housing projects built in 2023 when it completed Sandyford Central with 564 apartments, which it is letting out on the rental market.
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Richmond was also responsible for one of the largest residential investment sales last year when it did a forward sale for €99.5m of the 148 apartments it developed at Eglinton Place in Donnybrook, Dublin 4 to UK-headquartered investor M&G.
Last year it also sold Roselawn, a 142-unit residential scheme in Blackrock, south Dublin, to Abrdn’s Pan European Residential Property Fund for €70m.
The sale of Craughwell is also Richmond’s second development property sale in the last six months. Late last year it sold St Mary’s Home on Pembroke Park, Ballsbridge, Dublin 4, beside St Conleth’s College. Richmond had been quoting €7m for that site. It had bought St Mary’s in 2018 for more than €6m and secured planning permission for two potential residential schemes on its 0.85-acre site, one of which was a development of 64 build-to-rent units and the other was for 23 build-to-sell apartments.
The Foxrock site came with planning permission for 21 three-and four-bedroom semi-detached houses along with 36 apartments consisting of a mix of one-, two- and three-bedroom units. Its planned houses were designed for families with spacious layouts, ample storage, private gardens and two parking spaces. The apartments were expected to appeal to first-time buyers, investors and empty nesters alike. The scheme will incorporate green spaces, landscaped gardens and recreational areas.
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