Torca Homes has seen off competing offers from several rival bidders to secure a residential development opportunity in Dublin 15 for €2.15 million.
While the price paid by the Dublin-based developer represents a premium of 43 per cent on the €1.5 million sought by joint agents Cushman & Wakefield and Sherry FitzGerald, the subject site has the potential to accommodate up to 63 residential units according to the feasibility study prepared in advance of its sale.
The Lodge, as it it known, is opposite Clonsilla train station on Clonsilla Road. It comprises a derelict 19th-century dormer-style house on a site of 0.48 hectares (1.2 acres) with road frontage of 95m.
The site is held within two zonings under the Fingal Development Plan 2017-2023. Some 0.28 hectares (0.70 acres) is zoned RS – Residential, while the remaining 0.20 hectares (0.50 acres), is zoned TC – Town Centre. The feasibility study prepared by HKR Architects suggests the site has capacity for 63 residential units with surface car parking.
The Clonsilla Road site will be Torca Homes’ second development within the immediate vicinity. The developer purchased another development site in the area in 2020 with full planning permission in place for a mixed-use scheme. The Lodge site was offered for sale by the agents last October. Following the receipt of several offers, the property was sold by way of a final bids process on November 9 last.
Commenting on the sale, Paul Nalty of Cushman & Wakefield said: “This deal shows the heightened demand for well-located suburban development sites at present. It is in line with the resilience shown within the residential market, as both build-to-sell and build-to-rent products are continuing to perform impressively, despite the pandemic.”