A SITE WITH planning permission for 419 apartments, one house and seven commercial units in Dublin 7 is on sale for €32 million.

The site is located in Cabra, approximately 3km northwest of Dublin city centre and 1km northeast of the Phoenix Park.

Planning permission was granted by An Bord Pleanála as a Strategic Housing Development application in March for 419 apartments accommodated in seven blocks up to eight storeys in height.

The development, being sold by Savills, provides for 93 one-bed, 260 two-bed and 66 three-bed apartments. There will also be a three-bedroom house at the entrance.

The scheme provides for a “neighbourhood centre” comprising four retail/café/restaurant units including a supermarket, an office, a community centre, a crèche, 402 car parking spaces and 484 bicycle parking spaces.

The vacancy rate in Dublin’s private rented sector has been below 2% for more than four years. This is well below the natural vacancy rate (NVR), which Savills estimates to be in the region of 5.3%.

If the vacancy rate is beneath the NVR the market is undersupplied and rents will rise – exactly what has been happening in Dublin and elsewhere.