With residential development land in south Dublin once again attracting premium prices, Savills is expecting an exceptional level of interest in a well-located site for possibly up to 48 large apartments beside Monkstown village.
Jill Horan of Savills is guiding €4.95 million for the Richmond Cheshire Home off Monkstown Road which stands on a site of 0.95 of a hectare (2.34 acres).
The single-storey complex with 18 bedrooms extends to 1,581sq m (17,022sq ft) and there are also five studio apartments to the rear.
The home and extensive grounds were sold last year to PegasusLife, a British company specialising in retirement homes, for an undisclosed figure. Its lease does not run out until December 2017, but there are financial incentives in place to encourage it to leave sooner.
The Cheshire Foundation has indicted that it is following HSE policy of moving patients with physical disabilities from a central location into the community.
Ms Horan said the infill site was ideal for a medium-density four-storey development with 48 spacious apartments, some with stunning views over Dublin Bay.
