Swords Road Dublin 9 EXCELLENT RESIDENTIAL DEVELOPMENT OPPORTUNITY FULL PLANNING PERMISSION FOR 358 RESIDENTIAL UNITS
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Swords Road
Dublin 9
EXCELLENT RESIDENTIAL DEVELOPMENT OPPORTUNITY
FULL PLANNING PERMISSION FOR 358 RESIDENTIAL UNITS
Contents
I 3 I Introduction I 6 I Location / Accessibility I 9 I The Asset I 10 I Granted Planning Permission
I 16 I Feasibility Study I 18 I Market Commentary I 20 I Contacts & Further Information Swords Road
Dublin 9
IFSC Dublin City Centre
Dublin Port
Fairview Park
Croke Park
Killester DART Station An Exceptional
Drumcondra Train Station Residential
Development
Opportunity
St Patrick’s College
Savills is pleased to present an outstanding
Maryfield College Dominican College Development Opportunity on the Swords
Road, Dublin 9, offering investors and
Drumcondra developers an exciting opportunity to
acquire significant scale.
The property extends to approx 2.73 ha
Highfield Hospital
(6.75 acres) and benefits from full planning
permission for 358 residential units and
809 sq m (8,708 sq ft) of commercial
accommodation.
Plunket College
Fenton and Associates Architects have
also carried out a feasibility study on the
current planning permission utilising the
new Apartment Design Guidelines adopted
in March 2018 which shows there is
capacity for an additional 50+ number of
apartments without necessarily increasing
the gross floor area (subject to planning
Dublin Bus QBC permission).
This sale offers one of the few
opportunities in Dublin to acquire a
strategically located site for a large-scale
residential development.
Margaret Aylward School
M50, M1, Airport DCU 700m
Boundaries for identification purposes only
2 3
D E M A N D F O R P R I VAT E R E N T E D A C C O M M O D AT I O N S T R O N G G R O W T H A C R O S S L E A D I N G I N D I C AT O R S
32,500
GDP currently rising Ireland continues to 66,800 net new jobs Population growing
Additional PRS 44% of Ireland’s Almost ¼ of all Lack of institutional Landlords by 7.8% per annum experience the fastest rate of added in the last twelve by over 50,000
households in urban dwellers households in Dublin – 85% of landlords in Ireland economic growth in the EU months persons per year
Dublin since 2012 live in Dublin now rent privately own two or fewer properties
N E W A PA R T M E N T D E S I G N S TA N D A R D S - M A R C H 2 0 1 8
T I G H T R E N TA L M A R K E T C O N D I T I O N S
BUILD TO SELL BUILD TO SELL/ BUILD TO SELL
Car parking 1 car/unit + 1 BUILD TO RENT Max 12 apartments per
5.3% 7.9%
visitor space/3-4 units 1 bike space per bed core
RENT VACANCY BUILD TO RENT
Minimal car parking close
space + 1 per 2 units for
visitors
BUILD TO RENT
No restriction on
to public transport apartments per core
Fewer than 1,250 properties Significantly below natural Average rental growth Near-record low
available to rent in Dublin in vacancy rate of 5.3% of 7.9% per annum is vacancy rate in
April 2018 (Daft.ie) expected on new lets Dublin of 1.4%
BUILD TO SELL BUILD TO SELL BUILD TO SELL
Dual aspect 50% on suburban Majority of units need to be 10% larger Various restrictions on studio
RESIDENTIAL SALE MARKET than the minimum and 1 bed apartments.
BUILD TO RENT
Minimum floor areas clarified and BUILD TO RENT BUILD TO RENT
majority of units do not have to be Dual aspect reduced to 33% close to No restriction on the mix of
10% larger. public transport units
6-10%
M I N I M U M A PA RT M E N T S I Z E
10,000 Type Size
Studio 37 sq m
Currently, house Forecasts are for prices in Official estimates show 1 Bed 45 sq m
In excess of 10,000
prices in Dublin are the capital to increase by housing completions in 2 Bed (3 Person) 63 sq m
new build completions
rising by over 12% 6 - 10% per annum in both Dublin totalled 6,099 in 2017,
in Dublin per annum 2 Bed (4 Person) 73 sq m
per annum 2018 and 2019 up 44% on 2016 (4,234)
required to meet demand
3 Bed 90 sq m
The Government reported these changes will reduce construction costs by up to 15%.
4 5
‘Swords Road is situated in the highly accessible Dublin 9 location
with a Dublin Bus QBC on its doorstep offering ten Dublin Bus
services and access to the city centre in approximately 20 mins’
Swords Road
Dublin 9
M2 DUBLIN
CITY CENTRE
PORTMARNOCK
M1
Location M50
The property is located on the Swords Road, Dublin 9 which is a predominantly residential north Dublin suburb.
Proposed Metro M50
North Line
The property is located on the east side of the Swords Road approximately 900m north of Drumcondra village and
SANTRY
200m south of the Collins Road junction in Whitehall within close proximity to Dublin City University (700m). SUTTON
SUBJECT
PROPERTY
GLASNEVIN
This location offers excellent access to the city and motorway network being 4km north of the City Centre and 2km
south of the M50 motorway. The M50 connects the subject property to all the main national roads, Dublin Port and ASHTOWN
M50 HOWTH
M50
the Airport in minutes.
CASTLEKNOCK ST ANNE’S
N1 CLONTARF PARK
In terms of public transport, the site is well served by ten Dublin Bus services along the OQC to the front of the site. DRUMCONDRA
EAST POINT
Furthermore, the new Metro North subway is planned to stop at Griffith Avenue approximately 1.5km from the BULL
property further increasing its accessibility. PHOENIX ISLAND
PARK M50
The site benefits from a neighbourhood centre being located directly opposite the property and Omni Shopping DUBLIN IFSC
CITY CENTRE
Centre, Santry also within close proximity.
Distance from property:
4km 30m 5km 700m
DUBLIN CITY DUBLIN BUS QBC DUBLIN AIRPORT DCU
900m 1.5km 1.2km 1km
DRUMCONDRA METRO NORTH OMNI S T PAT R I C K ’ S
(PROPOSED) SHOPPING CENTRE COLLEGE
6 7
Swords Road
Dublin 9
The Asset
The subject property comprises a greenfield development
site with full planning permission for a large predominantly
residential scheme comprising 51 one bed apts, 240 two
bed apts and 67 three bed apts on the Swords Road, Dublin
9. The planning also provides for 809 sq m (8,708 sq ft) of
commercial accommodation comprising three retail units
and a crèche.
The property is generally flat throughout, regular in shape
and extends to 2.73 ha (6.75 acres). Access to the site is from
the Swords Road.
The property is bounded by Highfield Hospital to the south, a
greenfield site/GAA pitch to the north, residential dwellings
to the east and the Swords Road to the west.
Zoning
The property is designated as Z12 in the current Dublin City
Development Plan (2016-2022). As per the Development
Plan, the policy’s objective is ‘to ensure that existing
environmental amenities are protected in the predominantly
residential future use of these lands’.
Boundaries for identification purposes only Boundaries for identification purposes only
8 9
‘The property extends to 2.73 ha (6.75 acres) and benefits
from full planning permission for 358 residential units and
809 sq m (8,708 sq ft) of commercial accommodation’
Swords Road
Dublin 9
ENTRY
A
Site Plan 6m
CRÈCHE Schedule of Accommodation
K
AR
RP
CA CESS
AC
Block Description No. of Units Floor Area (sq m) Floor Area (sq ft)
F
2 bed apartment 30 80 – 85.4 861 - 919
SWORDS ROAD
3 bed apartment 13 101 - 103 1,087 – 1,109
A
50 Commercial Unit 1 165 1,776
2+4
D Commercial Unit 1 73 786
B 50
Commercial Unit 1 106 1,141
2+4
43 no. apts & 3 no.
Total A Commercial Units
6m
B 2 bed apartment 55 80.6 - 85.4 868 - 919
Total B 55 no. apts
G
E 1 bed apartment 4 52 560
C 2 bed apartment 28 80 – 85.4 861 - 919
6m
3 bed apartment 8 103 – 104.7 1,109 – 1,127
C
Total C 40 no. apts
N 1 bed apartment 7 52 560
D 2 bed apartment 35 80.6 - 85.4 868 - 919
BOUNDARY 3 bed apartment 14 103 – 104.7 1,109 – 1,127
Total D 56 no. apts
Planning 2+5
50 1 bed apartment 8 52 – 55.2 560 - 594
ADJOINING
Permission was granted by AnAPPROVED
ADJOINING
Bord Pleanála on 22nd The permission
EXISTING
also provides for a commercial E 2 bed apartment 38 80.6 - 85.4 868 - 919
DEVELOPMENT PROTECTED
December 2011 (under Planning Reg. Ref.s 3269/10 and
BY OTHER
element on the ground floor of Block A, (i.e. 3 no. units
STRUCTURE
3 bed apartment 4 103 1,109
PL29N.238685) for 358 apartments accommodated in 7 with a total floor area of 344 sq m) which is located
ADJOINING
APPROVED Total E 50 no. apts
no. 5-7 storey blocks of apartments (identified as blocks adjacent to the entrance to the site, fronting onto DEVELOPMENT
BY OTHER SHOWN
A-G on site plan). Swords Road. DASHED 1 bed apartment 18 52 – 55.2 560 - 594
F 2 bed apartment 30 80 – 85.4 861 - 919
The breakdown of the units is as follows; A crèche is also included within the permitted scheme,
i.e. a two storey building of 465 sq m, located in the 3 bed apartment 12 103 – 112.8 1,109 – 1,214
Amount northern end of the site, adjacent to open space. Total F 60 no. apts
Unit Type of Units
1 bed apartment 14 52 – 55.2 560 - 594
The permission provides for vehicular access from
1 Bed Apartment 51 G 2 bed apartment 24 80.6 - 85.4 868 - 919
Swords Road with 105 no. surface car parking spaces
and 413 no. underground spaces in the basement car 3 bed apartment 16 103 – 109 1,109 – 1,173
2 Bed Apartment 240 park.
Total G 54 no. apts
3 Bed Apartment 67 The duration of this permission has been extended to Crèche Crèche 465 5,008
the 12th of February 2022. 358 Apartments,
Total 358 Total 3 Commercial Units 31,108.3 334,847
& Crèche
10 11
Swords Road
Dublin 9
Block A Plan Typical Floor Plan Block C Plan Typical Floor Plan
Block B Plan Typical Floor Plan Block D Plan Typical Floor Plan
12 13
‘This sale offers one of the few opportunities in Dublin to
acquire a strategically located PRS scheme with FPP for a
large-scale development combined with the strong demand
Swords Road
for rental properties in the current market’
Dublin 9
Block E Plan Typical Floor Plan Block G Plan Typical Floor Plan
BALCONY
AREA:
11.2 SQ.M. BALCONY
AREA:
BEDRM. 10.0 SQ.M.
AREA:
11.6 SQ.M.
BEDRM.
AREA:
BEDRM. BEDRM. BEDRM. BEDRM. BEDRM. BEDRM. 12.0 SQ.M.
AREA: AREA: AREA: AREA: AREA: AREA: STR. KITCHEN / DINING
13.0 SQ.M. 12.8 SQ.M. 12.8 SQ.M. 13.0 SQ.M. 13.0 SQ.M. 12.8 SQ.M. AREA: KITCHEN / DINING / LIVING
3.0 SQ.M. / LIVING AREA:
AREA: 23.1 SQ.M.
26.6 SQ.M. WC
UNIT - P: UNIT - R:
ENSUITE STR STR ENSUITE ENSUITE STR WC
AREA: AREA: AREA: 52.0 55.2 SQ.M.
3.8 SQ.M. 3.8 SQ.M. 3.8 SQ.M. SQ.M.
1.0
0.9 0.9 0.9 STR.
P AREA:
40.65
A
UNIT - D: UNIT - D: UNIT - D: 40.65
DI
D D D R 3.3 SQ.M.
5M
WC WC WC
80.6 SQ.M. C 80.6 SQ.M. 80.6 SQ.M. C E
1.
STR
WC AREA:
A
STR STR
DI
0.8
0.8
1.
1.
5.9 SQ.M.
5M
5M
2M
AREA: AREA:
DI
DI
7.5 SQ.M. 7.5 SQ.M.
A
A
KITCHEN / DINING KITCHEN / DINING KITCHEN / DINING
/ LIVING UNIT - C: / LIVING / LIVING UNIT - C: UNIT - E:
KITCHEN / DINING KITCHEN / DINING ENSUITE KITCHEN / DINING
AREA: 85.4 SQ.M. AREA: AREA: 85.4 SQ.M. 103.0 SQ.M. / LIVING
/ LIVING / LIVING
30.0 SQ.M. 30.0 SQ.M. 30.0 SQ.M. AREA:
AREA: AREA: 0.6
BEDRM. ENSUITE BEDRM. ENSUITE 37.0 SQ.M.
30.0 SQ.M. 30.0 SQ.M.
AREA: AREA:
12.0 SQ.M. 12.0 SQ.M.
0.6 0.6
BEDRM. BEDRM. BEDRM.
BEDRM. BEDRM. AREA: AREA: AREA:
AREA: AREA: 13.0 SQ.M. 11.8 SQ.M. 11.8 SQ.M.
15.4 SQ.M. 15.4 SQ.M.
BALCONY BALCONY BALCONY BALCONY BALCONY BALCONY
AREA: AREA: AREA: AREA: AREA: AREA:
8.0 SQ.M. 12.6 SQ.M. 8.0 SQ.M. 8.0 SQ.M. 12.6 SQ.M. 25.2 SQ.M.
Block F Plan Typical Floor Plan
A
F
D
B
G
E
C
14 15
Swords Road
Dublin 9
New Apartment Design Standards - March 2018
Minimum Floor Areas;.
Type Size Build to Sell Build to Rent
Car parking 1 car/unit Minimal car parking close
3 Bed 90 sq m + 1 visitor space/3-4 units to public transport
1 bike space per bed 1 bike space per bed
2 Bed (4 person) 73 sq m space + 1 per 2 units for space + 1 per 2 units for
visitors visitors
2 Bed (3 Person) 63 sq m Max 12 apartments No restriction on
per core apartments per core
1 Bed 45 sq m Various restrictions
No restriction on the mix
on studio and 1 bed
of units
apartments
Studio 37 sq m Minimum floor areas
Majority of units need to
clarified and majority of
be 10% larger than the
units do not have to be
minimum
10% larger
Dual aspect reduced
Dual aspect 50%
to 33% close to public
on suburban
transport
• The Government reported these changes will reduce construction costs by up to 15%.
Feasibility Report
Fenton & Associates - Architects, Planners & On a ‘build to rent’ basis the feasibility study
Development Consultants carried out a feasibility provides the potential for 408 units comprising of:
study considering the recently approved
Sustainable Urban Housing: Design Standards for • 152 no. 1 bed units (37%),
New Apartments Guidelines to ascertain if the • 202 no. 2 bed units (50%) and
permitted development can be modified to include • 54 no. 3 bed units (13%)
an increased amount of units.
As such there is potential to increase the amount
The current permission provides for 358 no. units of units by approximately 50-52 units (14% - 15%)
comprising of: under the new guidelines subject to planning
permission.
• 51 no. 1 bed units (14%)
• 240 no. 2 bed units (67%) We believe there may be further potential to
• 67 no. 3 bed units (16.5%) increase the density by incorporating a number of
studio apartments. Furthermore, there is potential
While considering the revised scheme on a to reduce the amount of car parking within
‘build to sell’ basis under the new guidelines the the scheme under the build to rent apartment
feasibility study provides for a total of 410 no. units guidelines.
comprised of:
The feasibility study is available upon request.
• 168 no. 1 bed units (41%)
• 214 no. 2 bed units (52%)
• 28 no. 3 bed units (7%)
16 17
‘With Dublin rents increasing in excess of 5% per annum and sales
prices increasing in excess of 12% year on year, the purchaser
will have the opportunity to acquire this strategic development
Swords Road
opportunity with the benefit of a performing property market’
Dublin 9
Market Commentary In the early 2000s, approximately 12% of households
in Dublin rented privately. During this period private
Average residential rents in Dublin are currently rising
by 5.2% per annum. However, average rental growth
years, the current requirement is quite a bit higher.
ESB connections data indicate that around 6,000
renting was generally considered a secondary tenure of 7.9% per annum is expected on new lets from the properties were constructed in the capital in 2017.
Economic Overview that was mainly for young people transitioning nine quarters Q1 2018 - Q1 2020. However, it is now well understood that this metric
towards a longer-term goal of home ownership. overstates housing completion, and the reality is that
Ireland continues to experience the fastest rate of
Since 2012 strong house price inflation has made Dublin’s housing market remains undersupplied.
economic growth in the EU with total output now
homeownership less affordable and, along with Figure 3: Residential Rents Forecast –
rising at an annual rate of 7.8%. Jobs growth remains
changing attitudes to renting, the proportion of Dublin New Lets With too few units being built to meet demand,
the catalyst for this expansion. Close to 67,000
renters has doubled in the space of 15 years. there is strong competition for the limited number
net new jobs have been created in the last twelve 150
of available properties. The net result is competitive
months and total employment is set to surpass its 140
Currently, just under 120,000 households are renting bidding leading to price inflation. Official CSO
Index: Q3 2007 = 100
130
boom-time peak before the year is out.
privately in Dublin, making up almost one-quarter 120 statistics show that house prices nationally are rising
(24.1%) of all households in the capital. 110 by 13.0% y/y. In Dublin, house price inflation (HPI) has
While uncertainties hanging over the global economy, 100 accelerated from 6.7% twelve months ago to 12.7%
such as Brexit and US trade and tax policies, still
While strong population growth led to the formation
90 currently (see Figure 4).
persist, strong economic momentum is set to 80
continue with consensus GDP growth forecasts for of 12,698 net additional households in Dublin
between the Census years of 2011-2016, housing
70
Figure 4
2018Q4(f)
2018Q2(f)
2019Q2(f)
2019Q4(f)
2007Q4
2008Q2
2008Q4
2009Q2
2009Q4
2010Q2
2010Q4
2011Q2
2011Q4
2012Q2
2012Q4
2013Q2
2013Q4
2014Q2
2014Q4
2015Q2
2015Q4
2016Q2
2016Q4
2017Q2
2017Q4
Ireland of 4.1% for 2018 and 3.4% for 2019. 30
construction failed to keep up. In total just 3,088 25
Residential Rental Market additional housing units were delivered in the capital 20
15
over the same period. Notwithstanding the recent
pick-up in house building activity, once we factor in Residential Sale Market 10
Demand for rental property is dictated by two 5
% Change Y/Y
0
factors, population growth and the proportion of demand implied by population growth, along with -5
buildings required to replace dilapidated units and to In recent years we have pointed to the illiquidity of
the population that chooses to rent privately over -10
compensate for the fact that we haven’t built enough the Irish housing market. However, it now appears to -15
competing tenure types such as owner-occupied -20
homes for eight years, it is clear that Dublin’s housing be turning a corner. Independent of other favourable -25
housing. According to daft.ie, the average monthly
market remains undersupplied. trends in the economy, the combined impact of -30
rent for a 1-bed apartment in Dublin 9 was €1,351 at
2007M02
2007M02
2007M10
2008M02
2008M06
2008M10
2009M02
2009M06
2009M10
2010M02
2010M06
2010M10
2011M02
2011M06
2011M10
2012M02
2012M06
2012M10
2013M02
2013M06
2013M10
2014M02
2014M06
2014M10
2015M02
2015M06
2015M10
2016M02
2016M06
2016M10
2017M02
2017M06
2017M10
2018M02
Help-to-Buy and an easing of the mortgage lending
the end of 2017.
Our analysis shows that vacancy in Dublin’s private rules has led to a marked pick-up in lending activity
National Ex Dublin Dublin
rented sector (PRS) has been below 2% for almost and increased affordability at a price-point that is
Latest estimates show that Dublin’s population has
four years and is currently just 1.41% (see Figure 2). high enough to stimulate a greater flow of new
grown very rapidly in recent years. A net additional The price of second hand properties is still rising
This is significantly below the Natural Vacancy Rate homes into the market. This is feeding through to
97,300 persons have been added to the headcount faster than that of new houses. But there has been
(NVR) which we econometrically estimate to be a higher run-rate of housing market transactions
in the last five years and the population is currently a sharper acceleration in the rate of new houses
5.3% in the capital. Theory suggests that if the actual with sales volumes up almost 9% in the last twelve
expanding by around 15,500 persons per annum inflation since the Help-to-Buy measure was
vacancy rate lies beneath the NVR the market is months. The recent announcement of a revamped
(see Figure 1). introduced. Changes to the macro prudential regime
undersupplied and rents will be rising, and that’s local authority mortgage scheme and the release of
are also adding to buyers’ firepower. Latest data
exactly what is happening. state land for housing construction will further assist
Figure 1: Population of Dublin show that the average loan approval for FTBs has
in the return of a more normal rate of transactions.
risen from €193,750 to €214,730 in the last year (on a
1,400
Figure 2: Vacancy Rate in Dublin’s Private twelve-month rolling basis).
1,350
Rented Sector Property prices are ultimately driven by the balance
between housing supply and demand. At a most
1,300
Given the current supply / demand imbalance, this
10
basic level demand depends on population growth.
1,250 9 injection of additional bidding power was bound to
000’s
As previously mentioned, Dublin’s population is
1,200
8
drive up values, and that is what is now happening.
7 currently expanding by around 15,500 persons (1.2%)
1,150 6
5
per annum. This implies a need for about 6,000
1,100
additional dwellings a year just to meet the demand
%
4
1,050 3 from population growth. However, when we factor
1999Q1
1999Q4
2000Q3
2001Q2
2002Q2
2002Q4
2003Q3
2004Q2
2005Q1
2005Q4
2006Q3
2007Q2
2008Q1
2008Q4
2009Q3
2010Q2
2011Q1
2011Q4
2012Q3
2013Q2
2014Q1
2014Q4
2015Q3
2016Q2
2017Q1
2017Q4
2
1
in buildings required to replace dilapidated units,
0 and to compensate for the fact that we haven’t
2007Q4
2008Q2
2008Q4
2009Q2
2009Q4
2010Q2
2010Q4
2011Q2
2011Q4
2012Q2
2012Q4
2013Q2
2013Q4
2014Q2
2014Q4
2015Q2
2015Q4
2016Q2
2016Q4
2017Q2
2007Q2
built anywhere near enough units in the last eight
DUBLIN VR% NVR DUBLIN%
18 19Swords Road
Dublin 9
Tenure Selling Agent
We understand the Savills
property is held freehold. 33 Molesworth Street
Dublin 2
Title www.savills.ie
A title summary is
available in the PSRA - 002233
property data room.
BER Details
Exempt.
Viewings
Viewings strictly by John Swarbrigg
appointment and to be +353 1 618 1333
arranged with the sole john.swarbrigg@savills.ie
selling agent.
Johnny Hanrahan
Data Room +353 1 618 1433 Solicitor
Further information is johnny.hanrahan@savills.ie Beauchamps
attainable through our Riverside 2, Sir John Rogersons Quay
dedicated web based Receiver Grand Canal Dock, Dublin 2
data room. RSM www.beauchamps.ie
Trinity House
www.swords-road.com Charlestown Road
Dublin 6
Gerry Gallen
+353 1 418 0600
g.gallen@beauchamps.ie
PROPERTY MISREPRESENTATION ACT
The Agents and the Vendor/Lessor give note that the particulars and information contained in this brochure do not form any part of any offer or contract and are for guidance only. The particulars, descriptions, dimensions, references
to condition, permissions or licences for use or occupation, access and any other details, such as prices, rents or any other outgoings are for guidance only and are subject to change. Maps and plans are not to scale and measurements
are approximate. Whilst care has been taken in the preparation of this brochure intending purchasers, Lessees or any third party should not rely on particulars and information contained in this brochure as statements of fact but must
satisfy themselves as to the accuracy of details given to them. Neither Savills Ireland, Bannon nor any of their employees have any authority to make or give any representation or warranty (express or implied) in relation to the property
and neither Savills Ireland nor Bannon nor any of their employees nor the vendor or lessor shall be liable for any loss suffered by an intending purchaser/lessees or any third party arising from the particulars or information contained
in this brochure. Prices quoted are exclusive of VAT (unless otherwise stated) and all negotiations are conducted on the basis that the purchasers/ lessees shall be liable for any VAT arising on the transaction.
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