Joint agents Knight Frank and Colliers International are guiding a price of €4.5 million (exclusive) for a high-profile residential development site at the junction of Appian Way and Leeson Street Upper in Dublin 4.
The site extends to 0.09 hectares (0.23 acres) and is being offered to the market with full planning permission from An Bord Pleanala for a scheme of 16 apartments on behalf the current owners, developer Johnny Ronan’s Ronan Group Real Estate (RGRE).
The current planning consent provides for the development of four one-bed apartments, 11 two-bed apartments and one three-bed penthouse arranged in a single five-storey over-basement building with 13 car parking spaces.
There is no Part V requirement as the site area is less than 0.1 hectares.
A feasibility study prepared in advance of the sale suggests the prospective purchaser could submit a new planning application for a higher-density development comprising 21 units. Such a scheme would be in line with the provisions of the Urban Development & Building Heights Guidelines for Planning Authorities, which were introduced subsequent to the current planning permission being granted in November 2016.
Prime location
The selling agents believe the subject site presents clear potential for achieving an increased building height (subject to planning permission) owing to its prominent corner profile on a quality bus corridor (QBC) just 1.4km from St Stephen’s Green in Dublin city centre.
The agents also note that the property’s “Z1” residential zoning would also suit a range of alternative uses including Build-to-Rent (BTR) residential, co-living and embassy.
The Appian Way site enjoys a prime Dublin 4 location within close proximity to Ballsbridge, Donnybrook, Ranelagh and St Stephens Green. Notable local amenities include the Aviva Stadium, Herbert Park, and the RDS.
The property also benefits from excellent public transport links with frequent bus services running along Leeson Street Upper while the Luas light green line and Dart rail services are also available nearby at Ranelagh and Lansdowne Road respectively.
Kieran Bray of Knight Frank and Richard Bielenberg of Colliers International expect the site to appeal to builders, developers and investors.
