Case Study
Site 10, Northern Cross, Dublin
Background
Location: Northern Cross, Dublin
Sector: Development Land
Size: 1.39 acres (0.72 hectares)
Year Acquired: 2019
Located at Northern Cross, Malahide Road, Dublin 17, Site 10 is a 1.39 acre plot (0.72 hectares) that we acquired in 2019. Set in the northern suburbs of Dublin City, we purchased the land with town centre zoning, including commercial and residential use.
The site forms part of a settlement known as Northern Cross that comprises residential, commercial and retail uses.
The lands are 3km east of the M50 Motorway, 250 metres from the Malahide Road Quality Bus Corridor, 300 metres north of Clarehall Shopping Centre, and 2km west of Clongriffin Railway Station.
What We Did
We strategically identified and acquired the land at a cost of €2m, based on local market knowledge.
The development land was purchased through the Strategic Housing Development (SHD) process, and the investment thesis was to sell with the benefit of a value accretive planning permission to take advantage of the significant demand for residential development sites in the area.
We led a team of professionals to secure planning permission for 191 residential units.
The Results
With planning permission in place, we sold the site within 18 months of acquisition for €10.25m, demonstrating the strengths of our in-house multidisciplinary team across property acquisition, financing, design, project management and disposal.
Planning permission is in place for 191 apartments. This comprises 95 two-bedroom (four person), 14 two-bedroom (three person), 76 one-bedroom, and six studio apartments.
Also included is permission for 184 car parking spaces and 424 bicycle parking spaces.