OPPORTUNITY TO ACQUIRE HIGH PROFILE PROPERTY EXTENDING TO APPROX 1.25 HECTARES (3.1 ACRES)

THE FOXHUNTER

WEST FONTHILL RETAIL PARK

LIFFEY VALLEY PROPERTY OVERVIEW HERMITAGE PARK

n Site extending to approx. 1.25 ha (3.1 acres) LUCAN VILLAGE n Former public house DUBLIN CITY CENTRE n Located just off the N4 HERMITAGE GARDENS n Established suburban location

n Zoned Objective RW ‘Retail Warehousing’

N4 DUBLIN - GALWAY ROAD n Rezoning potential

SUBJECT PROPERTY

HERMITAGE GOLF CLUB

For indicative purposes only

02 03 3

Donabate

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LOCATION

The subject property is located just off the N4 Dublin/Galway Road on the slip road for Junction 3 Lucan & Ballyowen. It is situated M2 M1 approximately 12km west of Dublin City Centre, between the villages of Lucan and .

The immediate area is predominantly residential, with Hermitage Gardens and Hermitage Road residential estates directly bounding 2 Swords the site to the south and west. To the east is a Texaco petrol filling station and to the north the site is bounded by the slip road off the N4. Directly opposite the site on the other side of the N4 is The Hermitage golf club and agricultural land. 2 DUBLIN N2 AIRPORT Commercially, the area is well serviced by Liffey Valley Shopping Centre, which is home to numerous large retailers, various

1 restaurants and leisure facilities. The Fonthill Retail Park is located south east of the subject site. Large employment zones are within

4 3 close proximity including the shopping centre, various industrial estates and the Clarion Hotel Liffey Valley. 4 M50 5 N32 The area is very well serviced by bus – 25, 25a, 25b, 25X 66 and 67 to Dublin city centre. 3 2 N3 2 Beaumont Sutton 6 Clonsilla N2 M50 Carpenterstown Clontarf Drumcondra M50

N3 N1 BUS N4 M50 AIRPORT Lucan N2 2-10 minute walk 1 minute drive 4 minute drive 20 minute drive 3 2 1 7 N4 DUBLIN N4 CITY CENTRE

N4 N1 Romanstown

Ballyfermot N81 CASTLEKNOCK GOLF CLUB OATLANDS Crumlin N11 1 Donnybrook HERMITAGE GOLF CLUB N7 9 Milltown M50 10 SUBJECT PROPERTY 2 N81 N31 R835 7 Churchtown 3 N11 Blackrock Dun 11 3 Dundrum Laoghaire 2 N81 Ratfarnham N82 1 N4 12 N31 WOODFARM 13 14 ACRES N4 M50 THE FAIRWAYS LIFFEY VALLEY QUARRYVALE SHOPPING CENTRE PARK N11 R113 15 Stepaside R136 LIFFEY VALLEY PARK

16 Cherrywood BALLYDOWD R833 M11 MANOR R833 PALMERSTOWN 17 MANOR

M50 R113

GRIFFEEN 5 R136 BALLYOWEN VALLEY PARK PARK

M50 For indicative purposes only

COLLINSTOWN PARK 04 05 ZONING

The entire lands are located in an area zoned ‘Objective RW under the South Development Plan 2016 - 2022. This zoning objective seeks to provide for and consolidate retail warehousing’.

Uses permitted in principle under this zoning are:

Advertisements and advertising structures, car park, industry-light, motor sales outlet, office less than 100 sq m, open space, petrol station, public services, recycling facility, refuse transfer station, retail warehouse, service garage, transport depot, warehousing, wholesale outlet.

Open for consideration uses are: Extract from County Council Development Plan 2016-2022

Childcare facilities, enterprise centre, fuel depot, funeral home, garden centre, heavy vehicle park, industry-general, nightclub, primary health care centre, restaurant/café, shop-local, veterinary PLANNING HISTORY surgery. Application SD05A/0409 was granted in Q4 2005. The site has historically been zoned residential. In the South Dublin County Council Development This permission granted was for 14 dwelling units arranged in Plan 2010-2016 the site is noted as objective A two blocks comprising a number of terraced, semi-detached ‘To protect and/or improve residential amenity’. and detached houses.

For indicative purposes only

DESCRIPTION

The subject property is approximately 1.25 ha (3.1 acres) and is irregular in shape. The site is generally level throughout and contains the former Foxhunter pub and car park as well as ancillary greenfield lands to the rear.

The property is surrounded by stone walls and mature hedging. The site has frontage of approximately 127 metres to the N4 slip road and can be accessed via that slip road close to the pub and exited from a second access point closer to Junction 3.

There is potential to possibly achieve a second access point through the Hermitage Gardens housing estate, as per the previous residential planning grant.

For indicative purposes only Extract from SD05A/0409 Planning Permission granted in 2005

06 07 MARKET OVERVIEW

ECONOMIC OVERVIEW Supply Residential Rental Market Figure 3: Residential Rents Forecast – Dublin New Lets New data reveal that 14,435 new residential dwellings were The demand for rented accommodation continues to be driven Ireland’s economy continues to perform especially well completed in Ireland in 2017. Of these, 5,589 were located by the scarcity and cost of owner occupied properties. Despite with total output rising at a faster annual rate than any in Dublin. While the latter represents an annual increase of an increase in the overall stock of properties in Dublin’s private 150 other country in the EU. Underpinning this is the robust 56%, once we factor in buildings required to meet population rented sector (PRS), the number of units that are available to 10 performance of the labour market. More than 74,000 net new growth, replace dilapidated units, and to compensate for the rent has fallen sharply since 2011 with vacancy now standing 130 jobs have been created in the past twelve months and total fact that we haven’t built enough units for almost a decade, at just 1.31% (see Figure 2). This is significantly below the 120 110 employment has now surpassed its boom-time peak. As a the fact is that new housing output continues to fall well short Natural Vacancy Rate (NVR) which we econometrically 100 result, unemployment has fallen below 6% and real aggregate of estimated required levels. Consequently, strong competition estimate to be 5.3% in the capital. Theory suggests that if 0 disposable incomes growth is averaging over 5% per annum for the limited number of available properties remains in place the actual vacancy rate lies beneath the NVR the market is ndex: 3 200 100 80 due to a combination of modest pay increases, further tax cuts with the net result being competitive bidding leading to price undersupplied and rents will be rising, and that’s exactly what 0 and increased numbers at work. inflation. is happening. Average residential rents in Dublin are currently rising by 7.8% per annum. S008 3 2008 1 200 1 200 3 2010 1 2010 3 2011 1 2011 3 2012 1 2102 3 2013 1 2013 3 201 1 201 3 2015 1 2015 3 201 1 201 3 201 1 201 3 2018 1 2018 3() 201 1() 2020 1() The uncertainties that have been hanging over the global Prices Source: Savills Research economy for some time still persist and, in our view, neither Official CSO statistics show that house prices nationally are Figure 2: Vacancy Rate in Dublin’s Private Rented Sector Brexit nor US trade and tax policies are positive for Ireland. rising at over 10% per annum. In Dublin, house price inflation Policy Despite these headwinds, Ireland’s economic outlook remains (HPI) is currently above 7% per annum (see Figure 1). 10 With housing output currently below the estimated house favourable and the sustained recovery in employment will 8 building requirement, the Government has endeavoured to continue to underpin the domestic economy. Reflecting this, stimulate housing development activity through a range of a simple average of forecasting institutions’ GDP projections Figure 1: Residential Property Price Index supply-side measures. These include: suggests that robust growth of around 4.8% and 3.8% will be 5 attained in 2018 and 2019 respectively – strong rates by both 10 3 • Fast-track planning: Developers can now submit planning 130 historical and international comparisons. 2 applications for housing developments of 100 or more 120 1 110 residential units, or 200 plus student accommodation 0 100 units (or a combination of both), directly to the national RESIDENTIAL MARKET 0 planning body, An Bord Pleanála, instead of to local

80 200 2 200 2008 2 2008 200 2 200 2010 2 2010 2011 2 2011 2012 2 2012 2013 2 2013 201 2 201 2015 2 2015 201 2 201 201 2 201 planning authorities as was previously the case. According ndex 100 in an 2005 0 ublin R ublin R Demand Source: Savills Research to Savills’ Development Land team, the scheme is currently 0 A key factor in determining demand for residential property, shaving up to two months off the overall planning process. 50 Savills has developed rental growth forecasts for Dublin’s PRS and by extension development land, is the change in The Government has estimated that it could eventually which extend out to Q1 2020. Before considering these, the population. Census 2016 reveals Ireland’s population grew by reduce the time in planning from around 18 months to 7-8 20011 2000 2000 200802 20080 200812 20005 20010 201003 201008 201101 20110 201111 20120 20120 201302 20130 201312 20105 20110 201503 201508 20101 2010 20111 2010 2010 201802 20180 following is worth noting. Rent controls were first introduced more than 173,000 (3.8%) between April 2011 and April 2016. months. ational ublin in Dublin and a range of other Rent Pressure Zones (RPZs) Growth in Dublin was even more pronounced, advancing by Source: CSO in December 2016. Generally, these limit rental growth to a 5.8% over the same period. Latest figure show that Ireland’s • New national apartment planning guidelines: The new maximum of 4% per annum. However, there are exemptions population is now rising by over 64,000 persons per annum. Looking ahead, while the gap between housing demand and guidelines allow for a certain amount of smaller studio type for properties that have not been previously let within the last Dublin’s headcount is currently growing by over 20,000 per supply is being bridged, new output is expected to continue apartments in certain managed developments, reduce the two years and in the case of a substantial change in the nature year. to undershoot required levels over the medium term. All else minimum number of units with dual aspect, increase the equal, this will lead to further house price growth. While we of accommodation provided by a landlord. These legislative maximum number of units per lift / stair core and relax car changes allow for the possibility of a divergence between Looking ahead, Project Ireland 2040 – the Government’s envisage a slowdown in the rate of HPI, due to increased parking provision requirements in city centre locations and average rental growth rates and rental growth rates on newly National Planning Framework for shaping the country’s future supply and a more challenging base effect kicking-in, annual those served by public transport. let or new build properties and would appear to explain why growth – envisages that Ireland’s population will increase by house price growth across the country is still forecast to be rental growth in Dublin continues to exceed the regulated approximately one million people by 2040. This equates to mid-to-high single-digits by year end. Looking beyond 2018, • Stamp duty refund scheme: The rate of stamp duty on growth rate of 4% per annum. Our model relates to rental around 45,000 additional persons per annum on average out we expect growth will continue moderating as additional non-residential transactions has been tripled from 2% to growth on newly let units and the forecasts it produces are to the end of the forecast horizon. Average population growth supply comes on stream. Nonetheless, we are currently 6%. However, in response to concerns raised by Savills prior summarised below; in Dublin City and Suburbs is projected to be in the region of forecasting further HPI of 4 - 7% in all locations at the end of to Budget 2018, a stamp duty refund scheme has been 10,000 - 12,000 persons per annum out to 2040. 2019. put in place for buyers of land purchased for residential • Overall continued growth of 15.7% in Dublin residential development. This is conditional on the land being rents is expected through the eight quarters Q2 2018 - Q1 developed within 30 months. 2020. • Average rental growth of 7.8% per annum is expected on • Opening-up of State lands: The Government has new lets over this period. committed to identifying State lands capable of delivering new homes and releasing these lands to the market at a • Annual growth of 7.2% in rents on new lets is forecast even cost that will allow for the delivery of affordable housing. at the furthest horizon of the forecast window in Q1 2020.

Source – Savills Ireland Research

08 09 FURTHER INFORMATION CONTACT

METHOD OF SALE SELLING AGENT VENDOR SOLICITOR

The Subject Property is being offered for sale by Private Treaty. Savills William Fry 33 Molesworth Street 2 Grand Canal Square Dublin 2 Grand Canal Dock Dublin 2 TITLE PSRA - 002233 Ireland

We understand that the property is held freehold.

SERVICES

Interested parties are advised to satisfy themselves on the availability and adequacy of all services. Mark Reynolds Andrew Muckian 00353 1 618 1326 00353 1 639 5322 [email protected] [email protected] VIEWINGS PSRA Licence No: 002233-002920 Brian O’Callaghan All viewings are strictly by prior arranged appointment only John Swarbrigg 00353 1 639 5316 through the sole selling agents Savills. 00353 1 618 1333 [email protected] [email protected] PSRA Licence No: 002233-003073

BER Nicky Conneely 00353 1 618 1345 [email protected] PSRA Licence No: 002233-007286

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 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 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. All maps produced by permission of the Ordnance Survey Ireland Licence No AU 001799 © Government of Ireland. Designed and produced by Creativeworld. Tel +44 [0] 1282 858200.

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