Cabra Site From Dublin Living Portfolio On The Market For €32M
A site in Dublin 7 with planning permission for 420 homes has been put on the market with a guide price of €32M.
Currently owned by Marlet Property Group, the Cabra site is part of the Dublin Living portfolio of over 1,200 build-to-rent apartments in different stages of development. The collection of four sites was put on the market in June 2017 as a forward funding opportunity with a guide of over €425M.
A €450M deal was expected to be struck with Round Hill Capital but negotiations between the two parties ended a few months ago.
Following the end of those talks, the complete portfolio reportedly attracted significant interest.
The Cabra site, which is being sold through Savills, has permission for 419 apartments in seven blocks of up to eight storeys in height, as well as one three-bed house and a neighbourhood centre to include four retail units. The apartments will be made up of 93 one-bed, 260 two-bed and 66 three-bed units.
Planning permission was granted in March by An Bord Pleanála under the fast-track Strategic Housing Development scheme.
According to Savills, feasibility studies carried out by Henry J Lyons Architects taking account of the new apartment guidelines and emerging planning strategies on building heights indicate it would be possible to increase the scheme’s density to almost 600 apartments.