Agents Cushman & Wakefield and Knight Frank have been instructed by Grant Thornton to market The Grange, one of Dublin’s premier residential developments.
The property for sale, which is situated on a high profile site fronting onto the Stillorgan Road/N11 and Brewery Road, comprises 274 apartments together with an approx. 4 acre residential development site (and a gate lodge), with potential (SPP) for an additional 263+ units.
This property is the largest single residential investment and development opportunity offered for sale in Dublin in recent years, allowing a buyer to acquire a significant footprint in Dublin’s strongly performing residential sector.
With limited opportunities available to acquire standing stock and prime development land, strong demand is anticipated from both local and international PRS investors as well as from residential developers.
The first apartments built at The Grange were completed in 2005. Currently, there is a total of 506 completed apartments across nine blocks, which range in height from 5-9 storeys. Two of these blocks (comprising 174 apartments) were completed in recent years and are included in their entirety in the sale. The additional 100 apartments included in the sale are peppered throughout the other seven blocks.
The scheme provides high quality common areas including a central grassed courtyard, playground and mature planting. Despite the density of development, the common areas are bright and spacious. The scheme is also meticulously managed and maintained and benefits from a 24-hour concierge service catering for residents’ service, maintenance and housekeeping needs.
Internally, the blocks are laid out with a maximum of five units per core ensuring that most units are dual aspect with many balconies overlooking the Dublin Mountains & Dublin Bay.
The apartments are very well finished with standard fit-out including:
• Fully tiled entrance halls, bathrooms & kitchens
• Fully fitted kitchens including high quality appliances
• Separate utility room
• Underfloor heating
• Video entry security phone system
• Lifts serving all floors and car park
The apartments are spacious with standard 1 bedroom units averaging 52.51 sq.m. (565 sq.ft.), 2 bedroom units averaging 83.92 sq.m. (880 sq.ft.) and 3 bedroom apartments averaging 121.18 sq.m. (1,304 sq.ft.)
The key to the continued success of The Grange is its outstanding quality with superb proximity to employment, transport options as well as leisure, sporting and educational amenities. It is strategically located on the N11 just a short drive from Dublin city centre, Ballsbridge, Ranelagh and Donnybrook. It is served by numerous bus routes to the city centre and is within a 5-10 minutes’ drive from Sandyford Luas stops, Blackrock, Foxrock, Stillorgan and Dundrum Town Centre.
The scheme has proved highly popular for both apartment rentals and with owner-occupiers and has consistently achieved full occupancy at maximum market rental levels.
Cushman & Wakefield and Knight Frank expect the property to appeal to the Private Rented Sector (PRS) investors and developers. The standing stock provides a rare opportunity for PRS investors, with a medium and long-term hold strategy, to acquire quality, well-located rental stock in significant scale. Developers will be attracted to the potential to realise 263+ units on the remaining landmark 3.97 acre site subject the completion of the site assembly and a grant of planning permission. A purchaser of the entire will be in a position to realise a portfolio of some 530 apartments (SPP) in south county Dublin’s premier luxury apartment scheme, suitable for either private renting or individual apartment sales.
The sale comprises 3 lots:
274 one, two and three-bedroom apartments, and penthouses together with the benefit of basement car spaces with a current passing income of approx. €5.75 million with significant reversionary potential. 174 units are located in two complete standalone blocks, and the remaining 100 units are interspersed throughout the remaining seven blocks. There is further opportunity to maximise the Net Operating Income through optimising the independent management of the blocks held in 100% ownership.
Lot 2 comprises the high profile residual undeveloped portion of The Grange complex that fronts both the N11 and Brewery Road. It comprises approx. 1.64 Ha (approx. 3.97 acres) including the Gate Lodge (three bed-detached house). A feasibility prepared by OMP Architects highlights this site has potential for the development of a further 263+ apartments (subject to acquisition of remaining lands and obtaining the necessary planning consents) in six blocks ranging in height from 6-10 storeys with a proposed newly aligned entrance from Brewery Road in a scheme which continues to capitalise on the superb quality and reputation of the existing Grange complex.
The joint agents are guiding €135m for the entire, full details are available from the joint agents:
Cushman & Wakefield
Donal Kellegher and Ross Harris
James Meagher and Ross Fogarty