Irish property developer Torca Homes has purchased a development site in Clonsilla, West Dublin for €2,150,000.
That amount is 43pc over the €1.5m asking price quoted by the joint sales agents Cushman & Wakefield and Sherry FitzGerald.
Known as ‘The Lodge’ the site is located opposite the Clonsilla train station, extends to 1.20 acres and has a lengthy 95 metres of road frontage onto the established Clonsilla Road.
A feasibility study prepared by HKR Architects, indicated that it has potential for 63 residential units with surface car parking.
That suggests that the price equates to almost €1.8m per acre or €34,127 per apartment unit.
The site is held within two zonings under the Fingal Development Plan 2017 – 2023. About 0.7 acres is zoned ‘RS – Residential’, while the remaining 0.5 acres is zoned ‘TC – Town Centre’.
Located in the heart of Dublin 15, the property benefits from being near to Blanchardstown Shopping Centre, the N3 and the M50 Motorway.
Headed by Oisin and Phelim O’Connor, Torca Homes last year purchased another development site with planning permission for a mixed-use scheme in the immediate vicinity,
Because of the property’s location so close to Clonsilla Train Station, it had attracted keen interest from several developers
The deal showed the heightened demand for well-located suburban development sites at present, said Paul Nalty, surveyor at Cushman & Wakefield.