With various estimates placing the need for new homes between the 33,000 units per year set down in the Government’s Housing for All plan and the 50,000 proposed in a recent survey by law firm Mason Hayes & Curran of property industry professionals, the sale of a significant landbank in Swords, Co Dublin, should see interest from both developers and investors.
Located on the Rathbeale Road and less than 2km from Swords village and 5km from Dublin Airport, the subject lands extend to 62 acres and are zoned entirely for residential development. The site is being offered to the market by way of public tender through agent CBRE, unless previously sold. While a guide price has not been set by the selling agent, market sources believe the holding could achieve in the region of €46.5 million or €750,000 per acre.
The site is zoned entirely for residential development under the terms of the Fingal County Council Development Plan. Based on recent planning precedent for sites in the surrounding area, CBRE say this would suggest that the site has the potential to accommodate over 1,000 residential units, subject to planning permission. A planning report has been undertaken by Thornton O’Connor Town Planning outlining the land’s development potential.
The site is greenfield in nature at present and has 475m of road frontage on to the Rathbeale Road to the north. The lands are bound by a number of established residential schemes, including Swords Manor, Lioscian, Cianlea, Banbury Gate and Millers Glen.
Swords itself is well served by a range of amenities including Pavilions Shopping Centre, Airside Retail Park and a selection of pubs, restaurants, cafes and retailers along Swords Main Street. In terms of educational facilities, Broadmeadow Community National School and Swords Community College are both located next to the subject site. The wider area, meanwhile, is home to Old Borough National School, St Colmcille’s National School, St Finian’s Community College, Fingal Community College and Colaiste Choilm.
Swords is served by numerous Dublin Bus routes, while the site is located in close proximity to the planned MetroLink rail line which it is proposed will run from Swords to Charlemont in Dublin city centre.
The Rathbeale Road lands are being offered to the market by way of public tender, unless previously sold. Domhnall Ó Scanaill of Ó Scanaill & Co Solicitors is acting on behalf of the vendors, with tenders to be submitted in writing by Friday, May 19th, at noon.
Peter Garrigan and Darragh Deasy of CBRE’s development land division say: “Swords has long been one of the most desirable locations for first-time buyers and other purchasers of new homes in Dublin due to its price point, amenities and accessibility. The average price of a new home in Swords in 2022 was €460,000, up 7 per cent from the previous year, with first-time buyers representing 50 per cent on average over the past number of years. Neighbouring new-homes developments have seen strong interest and levels of sales.
“The subject lands offer the potential to deliver an extensive residential development of over 1,000 units, subject to planning permission, and will be of interest to a wide range of end-users.”
