A property company linked to Dún Laoghaire-Rathdown County Council is to sell one of four large-scale sites on which the new Cherrywood town centre is set to be built in south Dublin. Conor Whelan of QRE Real Estate Advisers is handling the sale of the 5.3 hectares (13.1 acres), which will accommodate a new urban quarter with a permitted range of developments extending to more than 120,770sq m (1.3 million sq ft). QRE is working with DLR Properties, a subsidiary of the of Dún Laoghaire-Rathdown County Council, in inviting expressions of interest in Town Centre 3 (TC3), one of the four adjoining quadrants. When a suitable offer is made, DLR will look to exchange the development site for a quality investment property with a long-term income stream.
DLR has made it clear that its preference will be for a modern grade A-style office building in the greater Dublin area. It will consider both existing buildings and others to be built to an acceptable specifications. The unusual selling arrangements means that QRE will not quote a guide price for TC3. The master plan for TC3, prepared by Scott Tallon Walker, provides for a large office element extending to more than 74,320sq m (800,000sq ft). Residential units will occupy a further 33,444sq m (360,000sq ft) and the balance of the buildings will be in retail and community use. The residential buildings are expected to accommodate around 358 apartments. The framework also provides for up to 1,900 car parking spaces.
The site is bounded to the east by the Luas Green Line and also includes the Brides Glen Luas terminus. The unusual selling arrangements means that QRE will not quote a guide price for TC3. One possible indication of the value of the 13-plus acres in south Dublin may be gleaned from reports that Ardstone is seeking €4 million an acre for 5 acres with planning permission for an office development at Sandyford. Could Cherrywood’s TC3 site end up with a valuation of €35 million to €50 million? QRE will not be providing any clarification. While DLR Properties would obviously prefer a straightforward exchange of a modern investment building for TC3, it might also consider new building options with a range of specifications.
Whelan said he expected that whoever acquires the Cherrywood site would begin development immediately in the apartment sector to take advantage of the market conditions. Conor Whelan says the sale will provide building owners and developers with a significant opportunity to acquire some of the most coveted lands in south county Dublin, with a major advantage that the SDZ area code is itended to provide fast track planning with third-party appeals not permitted. The sale comes at a time when the south Dublin residential market continues to trade strongly because of the ever-increasing demand for new homes and apartments. Whelan said he expected that whoever acquires the Cherrywood site would begin development immediately in the apartment sector to take advantage of the market conditions. He also expected that the same developer would be closely monitoring the office market for a significant corporate occupier seeking a pre-let for a large campus-style headquarters.
Jack Fagan - Irish Times
6th June 2018