Savills and Eastdil Secured, have today (22nd April 2015) announced the sale of Dublin’s most eagerly awaited development opportunity, located in Ballsbridge, Dublin 4 – the Irish capital’s equivalent of Knightsbridge in London.  This single land holding of almost seven acres, represents the largest residential development opportunity in Ballsbridge, the city’s most affluent area.  The property also has the benefit of a ten year grant of planning permission, allowing a prospective purchaser to develop the site immediately.

The sale codename, ‘Project Trinity’, reflects the historical use of the site – as it was once the home of Trinity College Botanic Gardens. Today, it comprises a residentially zoned and planned development site of 6.8 acres (2.78 hectares) on which two hotels with 585 bedrooms trade – the Ballsbridge Hotel (400) and the Clyde Court Hotel (185).  These four star hotels are operated by Dalata Hotel Group Plc. on short term leases with landlord break options. 

Planning

The planning permission, valid until December 2021, is for a 1.5 million sq.ft. new urban quarter comprising 490 apartments, a 152 room standalone hotel and 77,000 sq.ft.of retail and associated commercial / leisure space. The scheme achieves a very high standard of amenity for future occupants, evident from the generous residential unit sizes, as well as a range of unit types and quality private and public open spaces provided. 

The development provides for predominately high end residential apartments within a new urban landscape of pedestrian streets and a public plaza. It is laid out in 12 No. distinct blocks, some of which are standalone pavilion style residential buildings with gardens fronting Lansdowne and Pembroke Roads. In addition, new terraced apartment buildings will form around new landscaped courtyards and gardens, with a large retail centre and a standalone 152 bed hotel fronting a new plaza onto Pembroke Road. The new building form echoes the existing villas and terraces of the surrounding streets and squares, but with a modern contemporary twist.

This large lateral site lends itself to economical construction and can be built out in stages, delivering maximum flexibility. The entire scheme is designed by O’Mahony Pike Architects, one of Ireland's leading architectural practices.  

According to Tom Barrett and Mark Reynolds of Savills;

“No other opportunity of this scale is likely to be presented again in Dublin.  Project Trinity combines remarkable location with exceptional potential. In the right hands this site will become a showcase of high-end luxury residential living not seen before in Dublin along with the potential to deliver a new four to five star hotel for the Dublin City Centre market. Once in a generation, an opportunity arises to be part of a truly transformative development story and will be of interest to anyone serious about urban development in Europe.” 

The scheme has unique features and a multitude of amenities that can meet all future home owners’ needs. Whether buyers are searching for a luxury one bed apartment or a large four bed to accommodate a larger family, these luxury apartments will be in high demand. 

Dublin Housing Market

According to the selling agents, pent up demand from domestic and international buyers for quality apartments in prime locations in Dublin, against the backdrop of limited competing supply coming to the market, will ensure a successful sales campaign for the eventual completed scheme. In particular, there will be strong interest from London buyers on the back of the strength of sterling as shown in recent sales in the Dublin 4 area where prices well in excess of €700 per sq.ft. have been achieved. Also due the luxurious quality of the scheme, it is likely to attract a significant premium in price to what is currently on offer in the D4 market.

The twin dynamics of strong demand and tight supply have pushed apartment prices higher. In particular, we have seen South Dublin apartment prices increasing by 30% since Q1 2013.  This scheme will also benefit from continued house price growth, expected to increase by between 8% and 10% this year alone, reflecting the continued demand and supply imbalance. This mismatch between supply and demand in Dublin is set to continue as in 2014 only 3,259 new residential units were delivered into the market place, where the underlying demand is excess 7,000 units.   

The scale and quality of this offering, combined with very favourable dynamics in the Dublin residential investment market, is expected to attract substantial interest from investors across the globe. A number of international investors have already made approaches in relation to the properties. 

Further information can be sought through the selling agents Savills & Eastdil Secured or from www.ProjectTrinityIreland.com