A developer has placed a €1 million valuation on a three-bedroom apartment in Dublin 6 that it intends to sell to Dublin City Council for use as social housing.
An Ardstone subsidiary, Sandford Living Ltd, has renewed its attempt to obtain planning permission for a €356m apartment development at the junction of Sandford Road and Milltown Road in Dublin 6, reports Breaking News.
As part of its Part V obligations for social housing, Sandford Living plans to sell 56 of the proposed 562 apartments to the City Council and has set a price of €1.03 million on the largest three-bedroom unit.
A recent report by property firm Geowox identified Dublin 6 as the most expensive Eircode in the country, with the median house price reaching almost €800,000 in the third quarter of last year, reports Breaking News.
Overall, Sandford Living has assigned a total value of €35.54 million to the 56 apartments, with three additional three-bedroom units priced between €977,154 and €978,039.
The least expensive of the 56 designated social housing units is a studio apartment priced at €365,300, reports Breaking News.
Indicative prices for the two-bedroom apartments range from €690,917 to €820,217.
In total, the development includes plans to sell five three-bedroom apartments, 27 two-bedroom units, 14 studio apartments and 10 one-bedroom units, with final pricing to be agreed between the developer and the council once planning permission is granted, reports Breaking News.
This marks Sandford Living Ltd’s third planning application for the site, with planning consultants Thornton O’Connor (TOC) noting that the previous two applications were subject to judicial review proceedings in the High Court.
The TOC planning report explains that a 667-unit scheme submitted in 2021, largely described as “build to rent”, was referred back by the High Court to An Coimúisin Pleanála for a decision, while a ruling is pending on a separate judicial review related to ACP granting permission in December 2023 for a 636-unit development, reports Breaking News.
In support of the latest proposal, TOC state that the Large Scale Residential Development has been reduced from 636 units to 562, while a planned 10-storey apartment block has been scaled back to eight storeys.
The report notes that prior to 2019, the buildings and lands on the application site were used by the Jesuit Community for institutional purposes, reports Breaking News.
According to TOC, the Jesuit order vacated the property in 2019 and sold it to the applicant in the same year.
The report adds that the site was acquired with the intention of delivering a high-quality development on a strategically accessible location close to public transport, employment hubs, services and amenities in Dublin, reports Breaking News.
TOC state that the proposed development aligns with recent national policy, which promotes increased density on centrally located urban sites such as this one.
Thornton O’Connor further state that the layout of the scheme has been carefully designed, particularly with regard to incorporating Tabor House and the Chapel into the development, as well as meeting the requirement to provide 25pc public open space, reports Breaking News.
The report also states that building heights across the site have been carefully adjusted to ensure appropriate setbacks from neighbouring properties.
TOC conclude that the proposed density of 140 units per hectare on the serviced land is not excessive, noting that the site can comfortably support this level of development due to the substantial amount of public and communal open space planned throughout the scheme, reports Breaking News.
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