It was announced this week that agents Cushman & Wakefield and Knight Frank have been instructed by Grant Thornton to market The Grange, one of Dublin’s premier residential developments.
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.
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.
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.
Source: www.businessworld.ie
