Agent Lisney Commercial Real Estate is guiding a price of €3.5 million for a property with potential for the development of 23 new homes in the heart of Sandymount, Dublin 4.
Located at number 17 Gilford Road, the subject property currently comprises a two-storey office block. Extending to 957sq m (10,301sq ft), the building, which serves as the home of the vendor, BBDO Advertising, was built originally as a tram depot in 1872, and is complemented by a 33-space surface car park on a 0.30-hectare (0.74-acre) site. BBDO will vacate the Gilford Road site upon completion of the sale.
The office building has been extensively restored to include original features throughout. The offices are laid out in an open-plan configuration with a number of smaller cellular offices.
While the property doesn’t have planning permission in place for a residential development, a feasibility study prepared by Shay Cleary Architects in advance of the sale suggests the site could accommodate a high-density, low-rise hybrid scheme of 23 units made up of 14 one-bedroom and nine two-bedroom apartments and duplexes, arranged around a central, shared public space. Car parking is proposed for a designated area to the east, adjoining the BBDO office.
The Sandymount site’s attractiveness to developers and investors is enhanced by the relative dearth of properties primed for the delivery of new housing in the immediate vicinity. While the 2.6-hectare (6.6-acre) grounds of the YMCA Cricket Club grounds on nearby Claremont Road were sold for €7 million only recently, any expectation of their use for residential development has been put to rest. As reported by The Irish Times in April, the property was acquired by Lansdowne Rugby Club with assistance from a high-net-worth individual. The grounds will now be used and maintained for rugby.
Number 17 Gilford Road is bound to the north by Gilford Road, and to the south and west by a number of residential houses and by a commercial building to the east which is not part of the sale. An abundance of amenities are located within close proximity to the site, and these comprise a mix of shops, restaurants and schools. The site is served by a number of public transport links including the Dart which stops at the nearby Sandymount station.
Lucy Field, who is handling the sale on behalf of Lisney Commercial Real Estate, says: “This is a rare opportunity for investors and developers to create a unique residential scheme within the coastal village of Sandymount or an attractive office environment.”
Interested parties should contact Ms Field or Cathal Daughton at Lisney Commercial Real Estate.
