It was announced yesterday that Savills has concluded the sale of prime development lands at RTE, Donnybrook, Dublin 4, to Cairn Homes Plc for over €107.5m.
'Project Montrose' comprised 8.64 acres of lands owned by Irish national broadcaster, RTÉ (Raidió Teilifís Éireann). The site sits adjacent to RTÉ’s broadcasting headquarters in Donnybrook and will provide the incoming purchaser with the opportunity to develop a mid to high-end housing scheme of up to 500 units comprising a mix of apartments and houses – subject to securing necessary planning permission.
This is the most significant land sale to have taken place in Dublin in 2017 and sets a new benchmark for land values in the area.
Commenting on the sale, Director at Savills Ireland, Mark Reynolds said, "When we launched Project Montrose to the market back in April, we described it as a once in a generation opportunity to be part of a truly transformative development story in one of Dublin’s most affluent and fashionable areas. The competitive bidding process and final sale price of €107.5m is testament to that. We now look forward to seeing this development come to life and providing a new high quality scheme in Dublin 4."
Source: www.businessworld.ie
