Joe O’Reilly’s Chartered Land has purchased a 4.97-hectare site in Dublin 15, for about €22 million, some 13 years after his own Castlethorn company sold it to Capel Developments for more than €70 million
, a company linked to Castlethorn, is understood to have completed the purchase of the site earlier this month with funding from the Cardinal Capital Group.
Savills handled the sale on behalf of a receiver appointed by State agency Nama, who obtained planning permission for 296 houses and apartments on the site prior to marketing it for sale. That permission was sought in 2015, when the housing mix preferred by developers was very much in favour of two- to three-storey houses, which were deemed to be more financially viable than apartments.
Four years on, due to favourable changes in market conditions and planning regulations it is highly likely that Chartered Land will seek planning permission for a new scheme incorporating a far higher proportion of apartments. A feasibility assessment commissioned by the vendor suggests that the site could accommodate more than 700 apartments.
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