While the Charlemont area in Dublin city centre has seen a significant number of new office developments over recent years with schemes such as Charlemont Square, Charlemont Exchange and Park Place all adding to its capacity as a key location for major employers, the delivery of new residential accommodation there has been subdued in comparison.
The combination of that particular imbalance and the ongoing delays being experienced in the planning system makes the sale of Charlemont Quarter – a rare greenfield plot with full planning permission for 19 apartments – all the more interesting. Located immediately next to the Luas Green Line and at the junction of Peter Place and Adelaide Road, the Charlemont Quarter site is being offered for sale by agent Bannon at a guide price of €1.8 million.
The subject property is primed for development, having secured approval from An Bord Pleanála in May of this year for the construction of 19 apartments, a mix of three studio units, 10 one-bed units and six two-bed units. Notwithstanding this permitted scheme, Reddy Architecture has prepared plans for a larger 24-unit development which prospective purchasers may opt to pursue at their discretion.
Notably, the proposed building does not include a basement level, while prospective purchasers may also avail of the Government’s time-limited waiver in respect of local-authority development contributions (subject to meeting certain qualifying criteria). In addition, the scale of the site will exempt the owner from the requirement to provide Part V units to Dublin City Council. The combination of these three factors should enable the purchaser to achieve significant cost savings and increase profitability, according to Niall Brereton, who is handling the sale on behalf of Bannon.
He says: “Charlemont Quarter is likely to attract strong interest from developers, contractors and approved housing bodies, given that it’s effectively a shovel-ready project. Opportunities to deliver a new residential scheme in such a centrally located area are particularly rare.”
