Home builders and institutional investors looking to boost their presence in Dublin will likely be interested in the former Gallaher cigarette factory site in Tallaght, which has come to the market quoting €16.5 million.
Originally built in the 1950s, the Gallaher cigarette factory, maker of well known brands including Benson & Hedges and Silk Cut, employed over 1,000 people at the Tallaght site. It closed in 2003 following a corporate restructuring at European level.
The site was then sold at the height of the boom to Bernard McNamara and Gerry O’Reilly and subsequently sold in 2012 by receivers to the present owners.
Home builder Greenleaf Homes attained planning permission for 502 units on the six-acre site, following an application to An Bord Pleanála back in February 2020 under the Strategic Housing Development system. Approval was granted in May 2020 for 197 one beds, 257 two beds and 48 three-bed apartments along with 811sq m of retail units including a 329sq m creche and parking for 202 cars.
The site benefits from its convenient location adjacent to Tallaght Village, and a 15-minute walk from Tallaght Town Centre, an 18-minute walk from the red line Luas, and bus routes.
Michael Turley, of Turley Property Advisors, is handling the sale, and says the site offers developers a "ready to go" opportunity.
“It will appeal to funds and/or developers who are looking to concentrate a substantial portion of capital in this proven private rented sector (PRS) location,” he said.
It’s understood the owners have engaged in discussions with a local housing authority to sell almost 25 per cent of the units. However, the owners have decided to market the entire site, in order for the next owners to decide if they want to keep the entire site or dispose of a portion.
