Dublin's most sought after development site, the former Chester Beatty Library, at Shrewsbury Road, in Ballsbridge, Dublin 4, has finally come on the market. The one-acre site has been constantly eyed up over the past two years by Dublin's leading house-builders since it was announced that the library was relocating to Dublin Castle.
Selling agents DTZ Sherry FitzGerald expect to set a record for development land in the city when it auctions the library site on November 10th. The agent's opening guide price is £4 million-plus but this may only be the starting off point given that it is the most coveted site in Dublin 4. An adjoining site of less than half an acre was sold last December for £3.6 million to businessman Niall O'Farrell, who is currently building two large three-storey houses.
The library is acknowledged as a "trophy property" and an infinitely better site because of its layout and privacy. It will be no surprise if the buildings and land make around £6 million though the ultimate price paid may be affected by the Government's diktatthat 20 per cent of all new developments should be set aside for social and affordable housing.
In this case, the buyer is likely to seek an exemption on the basis that Shrewsbury Road is not suitable for social housing. The same strictures apply in the UK, but developers there are frequently given the option of making financial contributions rather than giving up parts of expensive sites. All three buildings on the library site, a house and two exhibition areas, are likely to be demolished to make way for an apartment or housing development. The Old Library, dating from 1953, consists of three rooms and the offices of the librarian and secretary. The main exhibition hall, known as the New Gallery, and built in 1975, has a lecture theatre and gallery on the ground floor and further display areas at first floor level.
DTZ Sherry FitzGerald says the site could accommodate up to six large luxury houses, 10 large apartments or, alternatively, a development of between 25 and 30 smaller apartments. Well located apartments in the city centre and south Dublin frequently sell for at least £300 per sq ft but on Shrewsbury Road, Peter Lynch, of the selling agents, estimates that developers could expect to achieve a price level of at least £500 per sq ft.
No matter who buys the library site, they are likely to face stiff opposition to a redevelopment scheme because of the seclusion and prestige of Shrewsbury Road. It is considered unlikely that wealthy families living on the road will buy it. The site backs on to the Simmonscourt Pavilion in the RDS grounds but unlike neighbouring houses, its road frontage only consists of a nine ft driveway on to Shrewsbury Road. The adjoining property, TCD School of Pharmacy, has a large house. The Dublin solicitor and property investor Stephen McKenzie has a spacious detached house with extensive grounds adjoining the library site.
Although the housing density on the road is quite low, the planners may allow a large apartment scheme on the library site. A short distance away on Merrion Road, Capel Developments is putting the finishing touches to 50 apartments on a 1.5-acre site, which includes the former British embassy buildings.
