Having forged a reputation over many years for the development of both industrial space and office accommodation, Rohan Holdings looks set to enter Dublin's private rented sector (PRS) market with a deal to acquire a prime residential site in south Dublin.
While the transaction has yet to close, The Irish Times understands Rohan has agreed to pay around €7 million for the former Murphy & Gunn BMW car dealership site in Milltown, Dublin 6.
The price being paid represents a premium of 8 per cent on the €6.5 million joint agents Knight Frank and Avison Young (formerly GVA Donal O’Buachalla) had been seeking when they offered it to the market on behalf of Murphy & Gunn and the Jesuit Order in June.
Rohan Holdings' purchase of the south Dublin site is being led by its newly-appointed head of acquisitions, Brian Carey. Prior to joining Rohan in May of this year, Mr Carey served as group acquisitions senior manager at listed Irish housebuilder, Cairn Homes, for five years.
Located at the heart of Milltown, the subject site benefits from 43 metres of frontage on to Milltown Road and comprises the former Murphy & Gunn motor dealership and adjoining former school buildings owned by the Jesuit Order.
The site is zoned Z1 Residential under the Dublin City Development Plan 2016-2022, the objective of which is “to protect, provide and improve residential amenities”.
According to the feasibility study prepared by Reddy Architecture in advance of the sale, the site has the capacity to accommodate a development comprising 67 apartments over a basement car park, subject to planning permission. The potential of any scheme will be enhanced by the success of two adjoining housing schemes, Mount St Anne’s and Glenmalure Park.
Milltown is an established and sought-after residential neighbourhood 2.5km from St Stephen’s Green. The site is well located within the area, and is close to the popular Wilde & Green cafe, the Dodder linear park, the shops at the Milltown Centre retail scheme, and the Milltown Luas green line stop.
