Ciaran Deane, son of developer Anthony Deane of Deane Homes, has acquired a ready-to-go development site in Sandyford village for €1.51 million. The young developer's company Molior Construction will demolish Kenler, a house on 0.59 acres, and construct eight new houses ranging in size from 125sq m-181sq m.
The development marks the return of the Deane family to their traditional stomping ground, given that Deane Homes was for years one of the most prolific housebuilders in south Dublin until it went into receivership in 2012 following judgments obtained by its lender, Ulster Bank.
Among the assets since disposed of by the bank’s receiver is Owendoher Lodge in Rathfarnham, a build-to-rent scheme of 68 apartments. According to the property price register, €10.4 million was paid for the development by the purchaser, Adelaide Real Estate Investments, a subsidiary of megafund Lone Star. Shortly after acquiring the apartments, the fund achieved a much healthier price of almost €21 million after it upgraded the properties and sold them individually to the public.
Planning refused
Another developer targeting Sandyford village is Red Rock Developments, which acquired Sandyford House on about 1.5 acres last year, when it sought €2 million-plus. The developer initially had plans to refurbish the original house and build 14 new homes, however the local council refused planning for the scheme last month.
Fortwilliam, another Red Rock development in nearby Blackrock, will consist of four ultra-modern high-end homes when built, while some of its completed developments include Clonturk Square and St David’s Court in north Dublin.
Red Rock’s biggest single shareholder, founder and managing director is Keith Craddock, while the remaining shareholders are Kildare-based individuals. Prior to founding Red Rock, Craddock spent four years at Green Property, and is involved in other property ventures.
Node, a private rental sector (PRS) company founded by ex-Blackstone managing director Anil Khera, selected Craddock as its development manager for Dublin. While details of Node's plans for Dublin remain something of a mystery, the Block hears that the company has acquired an attractive four-storey Georgian rental property at 25 Upper Pembroke St, Dublin 2, and that it plans to launch its accommodation offering here in spring 2018.
