A 50 per cent interest in a 9.95-acre site in Goatstown, bought over a decade ago by developers Seán Dunne and Seán Mulyran, is sale agreed after going on the market in July.
The site was formerly owned by the employees of the Irish Glass Bottle company (IGB) from 1958 until its 2003 sale. Mulryan and Dunne jointly purchased the site for a reported €18.1 million through development company Zapi Properties.
In 2003, Zapi applied for permission to build four- and five-storey blocks of student accommodation, which would have comprised 176 six-bedroom apartments, with all six bedrooms featuring en-suite bathrooms, and a further 89 one-bedroom apartments.
In addition to the residential element, community space, laundry facilities, study areas, a restaurant and a public park were also proposed as part of the development. In total, the development would have provided 1,145 bed spaces for students in close proximity to UCD.
In sharp contrast, UCD’s nearby Belfield campus astoundingly only manages to house about 2,500 students across its 330-plus acres of land.
While it was expected that a high-density development would be permissible on the IGB site, despite it not being zoned for residential use, planning was refused and the site has lain idle since.
It is believed that the recent sale relates to Dunne’s 50 per cent stake in the site. In 2014, it emerged that a family law case taken by Dunne’s first wife, Jennifer Coyle, would result in the interest in the site being transferred to her if successful.
While more than €9 million was originally paid for the 50 per cent interest, offers were sought in the region of €7.5 million when it was offered for sale by public tender in July 2015. It’s likely the buyer into the partnership will be able to kick-start development on the prime site and provide much-needed accommodation to the locale.
Smart money is on Mulryan who is embarking on one of the biggest developments in years in the Docklands, and who has always held a soft spot for this site.
