Contents

Introduction 6

Executive Summary 8

Location 10

Connectivity 12

The Vision 14

Planning 16

Transport Infrastructure 16

New Apartment Guidelines 18

Summary 19

Growth Area 1 - Existing Planning Permission 20

Growth Area 1 - Feasibility Study No.1 26

Growth Area 1 - Feasibility Study No.2 28

Growth Area 3 - Expired Planning Permission 30

Growth Area 3 - Feasibility Study No.3 32

Economic Overview 34

Contacts & Further Information 36

2 3

Sutton

Portmarnock Golf Club

Baldoyle

Clongriffin

Clongriffin DART Station

Fr. Collins Park

Exciting Residential Development Opportunity with Planning Permission in Part

indicative site boundary only

4 5 Introduction

ECONOMIC FACTORS RESIDENTIAL SALES MARKET

Ireland 6.7% 2% 4.5% 20.4% 3.9% Economic Economic Residential New home Price growth output population transaction sales rise

Ireland is one of the fastest Economic output increased Dublin’s population rising Residential transactions are New homes sales are up 20.4% Prices currently rising by growing economies in the EU 6.7% in 2018 by 2% per annum currently growing by 4.5% Y/Y Y/Y, compared to only 1.4% in 3.9% pa nationally nationally in Q1 2019 the second-hand market

EMPLOYMENT RESIDENTIAL RENTAL MARKET

81,200 4.8% 5.3% 1.2% 4% 7.8% New jobs Unemployment Disposable TO LET Vacancy Below Dublin created fall income level natural rates rent

Employment growing with Unemployment fallen Real aggregate disposal Vacancy levels at 1.2% Vacancy levels 4% below Dublin rent increasing by 81,200 new jobs created in to 4.8% income growing by 5.3% Natural Vacancy Rate 7.8% per annum 12 months to March 2019 per annum

RESIDENTIAL MARKET CONDITIONS TRANSPORTATION

CONTRACT 26.8% Housing 23.2% 18,828 28.3% stock Residential New National completions dwellings population

Residential completions 18,828 residential dwellings Dublin has 28.3% of national DART Station Airport Dublin Port increased by 23.2% Y/Y developed in the past population with 26.8% of 100m 300m 11.8km 14.4km in Q1 2019 12 months housing stock Measurements are approximate

6 7 Executive Summary

• On the instruction of Receiver’s Tom • The subject site is situated in , O’Brien and Simon Coyle, Mazars, an attractive coastal town in north Savills is delighted to present Project . The site takes a Shoreline to the market, an impressive high-profile position, in a highly residential development opportunity accessible location with an abundance that offers scale, an attractive coastal of public transport facilities within the location and proximity to Dublin City immediate vicinity. Centre in a single lot. • GA 1 has the benefit of a full grant • Project Shoreline represents a of planning for 546 residential units. unique opportunity to develop a The proposed scheme incorporates predominately residentially zoned site a new town centre and impressive that has been divided into two areas landscaped grounds. known as Growth Area 1 (GA 1) and Growth Area 3 (GA 3). Together, with • In addition to the consented scheme, High Amenity lands, the opportunity three feasibility studies demonstrate extends to approximately 50.77 the potential to optimise critical mass hectares (125 acres), making it one of on GA 1 and GA 3 (S.P.P) as a result of the largest residential development recent changes to national planning opportunities available in Dublin. guidelines.

The land holding of approximately 125 acres, to be sold in one lot, comprises of:

• Approximately 16.66 hectares (41.16 acres). • Full planning permission for 546 units, 1,917 sq m of commercial accommodation and high Growth amenity lands. Area 1 • 161 houses, 62 duplex units and 323 apartments. • Feasibility Study demonstrates potential uplift in residential unit numbers to 710 - 833 units.

Project Shoreline represents • Approximately 6.16 hectares (15.23 acres). a unique Growth • Zoned ‘Residential’ and ‘Village Centre’ under Local Area Plan. opportunity to • Historic planning permission for 483 residential units and a crèche. Area 3 • Feasibility Study demonstrates potential for retail accommodation, a crèche and an uplift in develop two residential numbers to 759 units. adjacent zoned residential sites High Amenity • Approximately 27.95 hectares (69.06 acres). Lands

8 9 Dun Na Si Ardrums M2 Swords 3

5 Rathrone M1

2 Kilcloon M3 DUBLIN AIRPORT Location N2 Dunboyne Northern Enfield 1 M4 4 Cross The subject site is situated between the Coast Road and 4 3 4 M50 Clongiffin DART Station in the established residential coastal 5 Clongriffin Johnstown BALDOYLE town of Baldoyle. Bridge Ongar 2 Moyglare Hall 3 2 Beaumont Sutton Prospective residents of the scheme can enjoy a selection of Maynooth Howth local amenities including those of Baldoyle Village, located Kilshanroe 6 N2 M50 approximately 1.5 km to the south east of the subject Drumcondra Clontarf property and those of Sutton, Portmarnock and Howth Fanagh M50 which are located just beyond Baldoyle. The popular Clarehall 7 N3 M4 Leixlip Shopping Centre is located within approximately 6 km west 6 5 Lucan 3 7 of the site, while Dublin City Centre is approximately 14 km 4a 2 DUBLIN N4 N4 4 to the south. Backweston The Greenhill N4 Docklands Derrinturn Celbridge Adamstown The area caters for young families, professionals and Rathcoffey N81 outdoor enthusiasts with several schools, sports clubs, Staplestown beaches and public parks in close proximity. Local schools N11 include Saint Mary’s School for Girls, St. Fintan’s High School

1 and St. Marnock’s National School. There are 3 golf clubs Donnybrook N7 9 Straffan within the vicinity; Portmarnock Golf Club, St. Anne’s Golf 10 Club and Sutton Golf Club, as well as GAA and rugby clubs. N81 Castledillon 2 Belgard This coastal location is well known for its beaches with The Cott M50 N31 Churchtown Portmarnock Beach and Burrow Beach within approximately 3 Blackwood Clane 11 N11 Dun 5 km. Ardclough Dundrum Laoghaire Allenwood N81 N7 N81 Ratfarnham With all that is on offer, the site is ideally placed for Citywest 12 N31 residential development, offering proximity to Dublin City 13 Robertstown 14 Centre combined with much sought-after seaside living. M50 N11

N7 15 Kilmeage Clonagh

Allen Carragh M11

17

Naas

5

Milltown Manor M50 Kilbride M7 Ballinagee

Blessington Mullacash Kildare M7 M7 The site is ideally placed for residential

Maddenstown development, offering proximity to Dublin City M9 Ballymore Eustace Ballysax Centre combined with seaside living

10 11 R122 Swords R106 R108 M1 Malahide

R106 R132 3 R124 Connectivity

Baldoyle offers unrivalled accessibility with strong public transport links and an R107 established road network. The site adjoins Clongriffin DART Station giving access to 2 Portmarnock the City Centre within approximately 20 minutes whilst providing suburban services Dublin between Malahide and Belfast. N2 R122 Airport M1 There are numerous local bus routes including 15, 29a, 31d, 32 and 32x with bus R124 stops positioned in close proximity providing access to the city within approximately R106 40 minutes. BalgriffinBaigriffin 4 M50 1 R809 Accessibility is further enhanced by the R107, the main arterial road linking northern R132 Portmarnock 5 Golf Club towns and suburbs to the city, situated approximately 3 km to the west. The M50 Clongriffin motorway is within proximity to the property and together they provide access to the City Centre within approximately 30 minutes by car. Dublin Airport is located BALDOYLE R809 approximately 12km to the north-west. M50 R108 R104 Castleknock M50 R103 R104 Travel Times from Subject Property* Sutton Howth Beaumont Dunsink

Whitehall R105 R103 RahneyRaheny R805 R107 DART - 5 minute walk R105 R807 R105 Ashtown Drumcondra St Anne’s Park St. Anne’sAnnes N1 Golf Club Dublin Bus - 7 minute walk Clontarf Bull R807 Island R108 R131 Port Tunnel Lucan Phoenix M50 – R107 - 15 minute drive Park

Connolly M4 Liffey Station Valley R109 R131 Dublin Port R113 DUBLIN Dublin Airport - 18 minute drive R148

M50 R120 Adamstown R118 R110 * Please note the above timings are approximate only. R136 R802 R111 Ballsbridge R810 Bluebell Crumlin R134 R110 R114

R134 R134 Baldoyle offers R113 Grange R112 Kimmageunrivalled accessibility R138 Castle R825 Golf Club Terenure N7 with strong publicClonskeagh Newlands R118 Casement Golf Club R117 Air Base transport links and R137 R112 Blackrock an establishedRathfarnham road M50 N31 R119 network R113 N31 R137 R136 R114 Dun Laoghaire Goatsown R113 Citywest N81 Dundrum Tallaght R115 R826 N82 Stillorgan R119 N7 12 13 Saggart R113 R133 R828 N81 R118 M50 Marlay Sandyford Park R113 R827 M50 N11 Foxrock Cabinteely R114

Kilbogget Stackstown Park Golf Club R117 LoughlintownR118 Carrickmines R119 R116 M50 Cherrywood M11

Kilternan R116 The Vision The vision for Project Shoreline is to enhance this already In recent years, Baldoyle has transformed from a quiet seaside village into a popular residential location. The vision for Project Shoreline is to enhance this already thriving community with the development of over 50.77 hectares (125 acres). thriving community with the development of over Project Shoreline has the potential to offer approximately 1,600 homes in total with GA 1 already having planning permission for 50.77 hectares (125 acres) 546 residential units, however with detailed review this could be enhanced further, SPP. In light of recent changes to the national planning policy, the purchaser will benefit from a significant opportunity to enhance the density of the existing planning permission whilst also developing GA 3, subject to planning permission. Two feasibility studies demonstrate the potential for an uplift in density on GA 1 to 710 units or 833 units. GA 3 benefits from a historic planning permission for 483 units setting a precedent for future development. A feasibility study for GA 3 demonstrates the potential for 759 units (SPP).

The scheme incorporates approximatively 27.95 hectares (69.06 acres) of high amenity lands which is intended to be transferred to County Council by the perspective developer. The lands will enhance the scheme by providing residents with landscaped parks and walkways creating a tranquil environment for the whole community.

14 15

Figure 1: Baldoyle Stapolin Local Area Plan 2013 – 2019

GA 1 GA 3 Ownership Boundary

Project Shoreline has the potential to offer approximately 1,600 homes in total SPP with GA 1 already having planning permission for 546 residential units

GA3 GA3

Planning

The subject lands fall under the Fingal Development Plan As a result, a third feasibility study has been created to 2017 – 2023 and the Baldoyle Stapolin Local Area Plan 2013 demonstrate the potential for a revised residential scheme – 2019 (LAP). Under the LAP, the lands are predominantly for GA 3. GA1 zoned ‘Residential’ with an area zoned ‘Village Centre’ and ‘High Amenity’. The LAP classifies the sites as Growth Area 1 In addition to the above-mentioned areas, there is R E D A R C H E S R O A D (GA 1) and Growth Area 3 (GA 3). approximately 27.96 hectares (69.06 acres) which is zoned ‘High Amenity’. Under the LAP the lands are to be transferred GA 1 has full planning permission for 546 residential units to Fingal County Council allowing them to be taken in charge.

and approximately 1,917 sq m (20, 635 sq ft) commercial D

A

O R

accommodation. In addition to this, two feasibility studies As part of the LAP, a school is required to support the

D

L E

demonstrate the potential uplift in density for residential proposed GA 1 development. The Receiver has arranged for a I F

G N

dwellings following the change in planning guidelines. site to be designated for a public school on lands adjacent to O L the subject lands. STAPOLIN AVENUE In 2008, GA 3 was granted full planning permission for 483 residential units and a crèche. This planning permission has since expired but sets a precedent for future development.

Transport Infrastructure

To enhance the existing public transport provisions, the proposed development will incorporate additional bus routes linking to existing routes and Clongriffin DART Station. The proposed scheme also incorporates cycle pathways, two ‘green corridors’, Ireland’s Eye Avenue and Stapolin Avenue and primary roads, Longfield Road and Red Arches Road.

New Clongriffin Additional 2 ‘Green’ Cycle Road Dart Bus Corridors Pathways Network Station Routes

16 17 New Apartment Guidelines

Under the new planning guidelines, design standards for build to sell apartments and build to rent apartments have been revised, as demonstrated below which will allow for an increase in density of residential housing.

Build to Sell Build to Rent

12 apartments per core max No restriction on no. of apartments per core

Restrictions on studio & 1 beds No restriction on the mix of units

Majority of units to be 10% larger than the minimum Majority do not need to be 10% larger

50% of suburban to be dual aspect Dual aspect reduced to 33% close to public transport

1 car space per unit & 1 visitor space for every 3-4 units Minimal car parking requirements near public transport

1 bike space per bed space & 1 visitor bike space for 1 bike space per bed space & 1 visitor bike space for Summary every 2 units every 2 units

GA 3 GA 1 GA 1 GA 1 GA 3 Expired Planning Feasibility Feasibility Feasibility Minimum Apartment Size Planning Permission Study 1 Study 2 Study 3 Permission

Apartments & Type Studio 1 bed 2 bed 2 bed 3 bed 385 557 680 376 681 (3 people) (4 people) Duplex Units

Houses 161 153 153 107 78 Size 37 sq m 45 sq m 63 sq m 73 sq m 90 sq m

TOTAL 546 710 833 483 759

New Height Guidelines In order to assist with increased density, new Government policy also outlines a desire for increased building heights in Following the revised design guidelines, there is the potential to further increase the densities by building on the what is appropriate urban locations. outlined in the feasibility studies (S.P.P) with increased building heights and reconfiguration of block layouts.

18 19 The proposed scheme comprises 546 residential units and a village centre with high amenity lands

Growth Area 1 Existing Planning Permission

GA 1 has a full grant of planning (reference no. F16A/0412) for the development of a high-end mixed-use scheme. The proposed scheme offers a range of housing options and footpath do remain within the control of the Receiver. The proposed scheme comprises 546 residential units and a village centre with high amenity lands. The final grant was catering for a variety of people and households, coupled with In this regard, Conditions 3 and 6 attached to the planning permitted in November 2017 by An Bord Pleanala for 10 years. local amenities and outdoor space. The residential element permission require detail design of footpaths, carriageways, includes 1, 2 and 3 bed apartments, 2 bed duplex apartments and boundary treatments to be agreed with the planning Under the planning permission, Henry J. Lyons designed a scheme that is subdivided into zones A, B, C and D comprising of and 3 and 4 bed houses. The commercial element authority prior to commencement of development. In the following elements: has been designed to create a vibrant neighbourhood the event that the prospective purchaser should wish to centre incorporating a range of retailers including a café, implement the planning permission, we are advised by RPS Zone Description Consented Height convenience store and crèche. Group that an alternative treatment along this boundary can be proposed through a compliance submission for A Village Centre comprising ground floor retail units, apartments and main link to Clongriffin DART Station 6 storeys As part of the planning permission, interim boundary agreement with the planning authority. Alternatively, in the treatments were indicated to the back of the footpath event a prospective purchaser should wish to materially B Primary open space area known as Stapolin Haggard with a mix of residential housing and apartments 4 storeys along the route referred to as Stapolin Way. These flank amend another element of the planning permission as the open space area referred to as the Haggard until such approved, appropriate treatments to this boundary could also C Residential units comprising of apartments and houses and a central park 3 storeys time as Growth Area 2 is delivered. A strip of this area, as be included as part of an amended planning application. indicated on the plan in Figure 1, is not within the control D 3-4 bed semi-detached houses 2 storeys of the Receiver. It is noted that the permitted carriageway

20 21 Accommodation Schedule growth area 1 Existing Planning Permission

Zone A Zone Use Type Beds No. Units Size (sq m) Size (sq ft ) Zone B Apartment 1 5 - - Apartment 2 162 - - Zone C Apartment 3 28 - - Zone D Convenience - - 461 4,962 Retail 1 (Café) - - 200 2,153 A Retail 2 - - 88 947 Retail 3 - - 99 1,066 Retail 4 - - 99 1,066 Retail 5 - - 90 969 Crèche - - 880 9,472 Sub Total 195 1,917 20,635

Zone Use Type Beds No. Units Apartment 1 7 Apartment 2 69 Apartment 3 4 B Apartment (own door) 2 16 Duplex 2 20 House 3 23 House 4 25 Sub Total 164

Zone Use Type Beds No. Units Apartment (own door) 1 8 Apartment (own door) 2 24 C Duplex 2 42 House 3 58 House 4 43 Sub Total 175 GA1 Location

Zone Use Type Beds No. Units D House 3 12 Sub Total 12

C O A S TR O A D

TYPE 1 BED 2 BED 3 BED 4 BED TOTAL 20 333 125 68

CLONGRIFFIN DART % Mix of Total 4% 61% 23% 12% STATION

GA1

RED ARCHES RD TOTAL APARTMENTS 323 TOTAL DUPLEX 62 TOTAL HOUSES 161 TOTAL NO. UNITS 546

22 23

Growth Area 1 Proposed Existing Planning Permission Sample Floorplans sitepLan GA 1 Planning application boundary

Apartment - 1 Bed Duplex Apartment - 2 Bed

1200

4148 2615 4000

Bedroom 2 11.47m2 Terrace Area 31.23m2 3325 4386 4744 Living/ Dining 30.5 m2 5325 Double Bed St 13.2 m 1.3 m

3651 3119

3805

1650 hp Storage 2.26 m2 Kitchen / Living 30.0 m

3673 Storage Storage 6000 1896 1.23 m2 3.35 m2 3602 Bedroom 2 13.71 m2

3900 2100 2150 8500 1500 WC St WC 1800

3.2 m 1550 hp Storage

8418 0.96 m2 1155

1700 Bathroom

1400 Living/ Kitchen /Dining Storage 35.96 m2 Bedroom 1 0.78 m2

3710 13.06m2 1051 Storage Storage 1.43 m2 2.04 m2

2915 Bedroom 1

18.4 m2 2625

En Suite 5605

3381 625 1357 1303 4820 1950

First Floor Second Floor

2 Bed Apartments Apartment - 2 Bed Two Storey House - 3 Bed

6000 2 Kitchen / Living St.

68 5 48.6 M 5400 3.4 M

8500 0 8500 St. Double Bed St. 28 0 3.2 M 3.2m 15.9 M 0 39 0

Storage WC 0.99m Kitchen / Living 3965 3400 Bedroom 3 6000

7.1m 0 30.0m 0 St. 15 0 15 0 Storage BedroomSt 2 1.75m 11.6m Storage 4100 1200 3400 0 0.6m 5 1.3 M 1.3 M Double Bed Twin Room

Living/Dining 28 0 41.7m 28 2 1200 4100

St. 1800 12.0 M 13.6 M 0 Twin Bed Double Bed 1.3m St 5 St. 40 0 11.5 M 11.5m

1.3 M 0 35 7 1.3 M 0 Double Bed 28 0 4100 28 0 1200 Double Bed 11.5 M 0 St 0

0 St 12.2 M Kitchen / Living 15 0 En Suite Bathroom Kitchen / Living 12 0 0.6 M

12 0 Kitchen / Living 30.1 M 1.9 M 30.6 M 34.0 M 0 4550 1400 5400 5400 40 0 St. 0

St. 6 1.3 M 41 0

2.2 M 43 6 Storage Twin Bed 0 Twin Bed 0 1.68m 7200 8500 St. 1500 Twin Room 8500 St. 0 28 0

15.9m 16.9 M 28 0 28 0 3.2 M 15.9 M 3.7 M Storage Bedroom 1 0.92m 15.3m St. St. St. elec. meter UPC Eircon 3.4 M 3.4m 2.2 M 6000

Ground Floor First Floor Block: Ref Ga Block: Ref Ga Block: Ref Ga Block: Ref Ga Block: Ref Ga

Unit No: Ref Ga Unit No: Ref Ga Unit No: Ref Ga Unit No: Ref Ga Unit No: Ref Ga

Type: 2b.t1 Type: 2b.t2 Type: 2b.t3 Type: 2b.t4 Type: 2b.t1a

Reference: 2b.t1 Reference: 2b.t2 Reference: 2b.t3 Reference: 2b.t4 Reference: 2b.t1a Quantity: 84 Quantity: 40 Quantity: 15 Quantity: 15 Quantity: 8 Unit Type: 2 Bed / 4 Person Apartment Unit Type: 2 Bed / 4 Person Apartment Unit Type: 2 Bed / 4 Person Apartment Unit Type: Large 2 Bed / 4 Person Apartment Unit Type: 2 Bed / 4 Person Apartment Area: 84.0 Sqm Area: 87.5 Sqm Area: 86.5 Sqm Area: 102.6 Sqm Area: 88.6 Sqm Storage: 7.9 Sqm Storage: 7.0 Sqm Storage: 7.0 Sqm Storage: 7.9 Sqm Storage: 8.5 Sqm

24 25

Consented Height GA 1 - Feasibility Study 1

Feasibility study 1 incorporates 710 residential units equating to an increase of 164 units when compared to the planning permission. This has been achieved by designing narrower blocks whilst retaining the consented block heights and the removal of 8 houses.

Zone Use Type Beds No. Units Size (sq m) Size (sq ft) Apartment 1 134 - - Apartment 2 90 - - Apartment 3 25 - - Convenience - - 461 4,962 Retail 1 (Café) - - 200 2,153 A Retail 2 - - 88 947 Retail 3 - - 99 1,066 Retail 4 - - 99 1,066 Retail 5 - - 90 969 Crèche - - 880 9,472 Sub Total 249 1,917 20,635

Zone Use Type Beds No. Units Apartment 1 91 Apartment 2 76 Apartment 3 15 B Apartment (own door) 2 4 Duplex 2 8 House 3 21 House 4 23 Sub Total 238

Zone Use Type Beds No. Units Apartment 1 32 Apartment 2 36 Apartment 3 6 Apartment (own door) 1 8 C Apartment (own door) 2 8 Duplex 2 24 House 3 56 House 4 41 Sub Total 211 Zone A Zone Use Type Beds No. Units Zone B D House 3 12 Zone C Sub Total 12 Zone D TYPE 1 BED 2 BED 3 BED 4 BED

TOTAL 257 246 135 64 5 Storey % Mix of Total 36% 35% 19% 9% 4 Storey

TOTAL APARTMENTS 525 3 Storey TOTAL DUPLEX 32 TOTAL HOUSES 153 TOTAL NO. UNITS 710

26 27 Increased Building Height GA 1 - Feasibility Study 2

The second feasibility study demonstrates the potential to increase the number of units again by adding 287 units to the consented design. This may be achieved with the addition of an extra floor to each block, having narrower blocks and the removal of 8 houses.

Zone Use Type Beds No. Units Size (sq m) Size (sq ft) Apartment 1 162 - - Apartment 2 108 - - Apartment 3 30 - - Convenience - - 461 4,962 Retail 1 (Café) - - 200 2,153 A Retail 2 - - 88 947 Retail 3 - - 99 1,066 Retail 4 - - 99 1,066 Retail 5 - - 90 969 Crèche - - 880 9,472 Sub Total 300 1,917 20,635

Zone Use Type Beds No. Units Apartment 1 115 Apartment 2 94 Apartment 3 19 B Apartment (own door) 2 4 Duplex 2 8 House 3 21 House 4 23 Sub Total 284

Zone Use Type Beds No. Units Apartment 1 44 Apartment 2 48 Apartment 3 8 Apartment (own door) 1 8 C Apartment (own door) 2 8 Duplex 2 24 House 3 56 House 4 41 Sub Total 237 Zone A

Zone B Zone Use Type Beds No. Units Zone C D House 3 12 Zone D Sub Total 12

6 Storey TYPE 1 BED 2 BED 3 BED 4 BED TOTAL 329 294 146 64 5 Storey

% Mix of Total 39% 35% 18% 8% 4 Storey

3 Storey TOTAL APARTMENTS 648 TOTAL DUPLEX 32 TOTAL HOUSES 153 TOTAL NO. UNITS 833

28 29 Growth area 3

6 Storey

Expired Planning Permission 5 Storey

4 Storey

Zone Use Type Beds No. Units 3 Storey

Apartment 2 137 2 storey A Apartment 3 5

Sub Total 142

Zone Use Type Beds No. Units

Duplex Apartment 1 60 A Duplex Apartment 2 174

Sub Total 234

Zone Use Type Beds No. Units

House 2 40 A House 4 67

Sub Total 107

TYPE 1 BED 2 BED 3 BED 4 BED

TOTAL 60 351 5 67

% Mix of Total 12% 73% 1% 14%

TOTAL APARTMENTS 142

TOTAL DUPLEX 234

TOTAL HOUSES 107

TOTAL NO. UNITS 483

GA3 Location

In 2008, GA 3 was granted full planning permission for 483 C O A S TR O A D

residential units and a crèche GA3 CLONGRIFFIN DART STATION

RED ARCHES RD

30 31 Feasibility Study 3 Growth area 3

A feasibility study has been designed to demonstrate the potential to deliver 759 residential units comprising of apartments and houses divided between zones A-D within GA 3. The following sets out the accommodation schedule for GA 3.

Zone A 10 Storey Zone Use Type Beds No. Units Size (sq m) Size (sq ft) Apartment 1 128 - - Zone B 6 Storey Apartment 2 196 - - Zone C 5 Storey Apartment 3 58 - - Zone D 4 Storey Convenience - - 300 3,229 3 Storey A Retail 1 (Café) - - 200 2,153 Retail 2 - - 100 1,076 Retail 3 - - 100 1,076 Retail 4 - - 100 1,076 Retail 5 - - 100 1,076 Sub Total 382 900 9,688

Zone Use Type Beds No. Units Apartment 1 20 Apartment 2 16 B Apartment 3 8 House 3 24 House 4 33 Sub Total 101

Zone Use Type Beds No. Units Size (sq m) Size (sq ft) Apartment 1 9 - - Apartment 2 12 - - Apartment 3 6 - - C House 3 11 - - House 4 10 - - Crèche - - 800 8,611 Sub Total 48 800 8,611

Zone Use Type Beds No. Units Size (sq m) Size (sq ft) Apartment 1 104 - - Apartment 2 58 - - Apartment 3 66 - - Convenience - - 1,800 19,375 Retail 1 (Café) - - 300 3,229 D Retail 2 - - 200 2,153 Retail 3 - - 200 2,153 Retail 4 - - 200 2,153 Retail 5 - - 100 1,076 Retail 6 - - 100 1,076 Sub Total 228 2,900 31,216

TYPE 1 BED 2 BED 3 BED 4 BED TOTAL 261 282 173 43 % Mix of Total 34% 37% 23% 6%

TOTAL APARTMENTS 681 TOTAL HOUSES 78 TOTAL NO. UNITS 759

32 33 ECONOMIC OVERVIEW

Ireland’s economy continues to perform especially well Supply, Demand and House Prices Nationally residential prices are rising by 3.9% per annum, Figure 3: Vacancy Rate in Dublin’s Private Rented Sector with output rising at one of the fastest rates within the 18,828 residential dwelling units were completed in the while the rate of growth in the capital has come off a 10 EU. Underpinning this is the robust performance of the rolling 12 months to Q1 2019, up 23.2% year-on-year. three-year high of 13.0.% in April 2018 to 1.2% currently. 9 labour market. Employment is currently growing by 3.7% Of these, 7,204 (38.3% of total output) were in Dublin. About 12.2% of this slowdown can be attributed to the 8 per annum – a solid rate of jobs growth by any historical or This compares to the capital’s current 28.3% share of the base effect – as average prices rise, the same money value 7 comparative standard. Unemployment has fallen to 4.8% national population and 26.8% share of the housing stock, uplift naturally leads to smaller-and-smaller percentage 6 and real aggregate disposable incomes are growing by demonstrating that the focus of new development is on increases. Mortgage restrictions have also contributed to the 5 5.3% a year due to a combination of modest pay increases, the capital. However, while residential supply is clearly moderating inflation, particularly as loan-to-income ratios % 4 further tax cuts and increased numbers at work. While the increasing,17 it is not yet sufficient to meet demand. Having have become more binding. However, this factor should not 3 capacity remains for further jobs growth, Ireland’s labour extensively16 analysed the key components of housing be overplayed. In the starter home market in particular, cash 15 2 resources are gradually being sweated more intensively; in demand14 – namely population growth, average household investors (both individuals and institutions) are ready and 1 addition to lower unemployment there has been an uptick in size, obsolescence13 of existing stock and factoring in a willing to compete for properties that lending restrictions labour force participation, a decline in part time work and an 12 are preventing owner occupiers from buying. Indeed, it 0 level of11 compensation for a backlog of undersupply in increase in the average number of hours worked. All of this recent10 years – Savills estimates an annual housebuilding is notable that cash buyers still account for 54.3% of all % 2011Q2 2015Q2 2013Q2 2017Q2 2012Q2 2011Q4 2016Q2 2018Q2

9 2010Q2 2015Q4 2013Q4 2017Q4 2012Q4 2014Q2 2016Q4 2018Q4 2009Q2 2010Q4 2008Q2 2014Q4 2009Q4 suggests that wage inflation is likely to strengthen, which requirement of around 35,000 units per annum out to 2022, residential transactions. A more cogent analysis therefore 2008Q4 should be supportive of the housing market. 8 is that house price inflation in Dublin is primarily slowing with approximately7 37% of this requirement in Dublin. Dublin VR Dublin NVR 6 due to a narrowing gap between supply and demand. As Source: Savills Research, CSO, Daft.ie Figure 1: Unemployment Rate Comparing5 our current supply and demand estimates we these supply and demand curves converge, the market will 4 become better balanced and both price and rent inflation will envisage3 that the market, both nationally and in Dublin, will 17 ease. Given the current extent of undersupply however, we 16 remain undersupplied until at least 2023. Consequently, 15 competition for available properties remains in place with will continue to see house price inflation for the foreseeable 2011Q1 2015Q1 2013Q1 2017Q1 2012Q1 2019Q1 2016Q1 2018Q1 2010Q1 2001Q1 2014Q1 2005Q1 2003Q1 2007Q1 2002Q1 2009Q1 2006Q1 2008Q1 2000Q1 14 2004Q1 future, albeit at a moderating rate. We are currently theSource: net CSOresult being competitive bidding leading to price and 13 forecasting annual price growth of about 4-7% and 3-5% 12 rent inflation. both nationally and in Dublin in 2019 and 2020 respectively. 11 Ireland’s economy continues 10 % Figure 2: Housing Completions vs. Requirement - National 9 8 to perform especially well 7 45,000 Private Rented Sector (PRS) 6 Demand for rented accommodation continues to be driven with output rising at one 5 40,000 4 35,000 by the affordability challenges of home ownership. Despite 3 an expansion in the overall stock of properties in Dublin’s of the fastest rates 30,000 PRS, vacancy has fallen to just 1.38% (Figure 3). This is 25,000 within the EU. 2011Q1 2015Q1 2013Q1 2017Q1 2012Q1 2019Q1 2016Q1 2018Q1 2010Q1 2001Q1 2014Q1 2005Q1 2003Q1 2007Q1 2002Q1 2009Q1 2006Q1 2008Q1 2000Q1 significantly below the Natural Vacancy Rate (NVR) which 2004Q1

UNITS 20,000 Source: CSO Savills econometrically estimates to be 5.19% in the capital. 15,000 Theory suggests that if the actual vacancy rate lies beneath 10,000 the NRV the market is undersupplied and rents will be rising, Housing Market 5,000 and that is precisely what is happening. 0 45,000 Rents nationally are increasing by 6.9%, while the pace of 2017 2018 40,000 2021(f) 2019(f) 2022(f) 2020(f) growth in Dublin is higher at 7.8% despite being a designated Transactions 35,000 Sources: Savills Research, CSO Requirements Completions Rent Pressure Zone (RPZ). Rental growth in properties that Residential transactions rose by 4.5% nationally in Q1 30,000 have not previously been let and those that have undergone 2019. However, the pace of growth in new home sales 25,000 substantial changes – both of which are exempted from the outstripped that of second-hand properties, reflecting the rent caps – would appear to explain why growth in the capital UNITS 20,000 increase in residential construction. A key driver of demand continues to exceed the regulated rate of 4.0% per annum. 15,000is demographic pressure, with Dublin’s population increasing Looking ahead, Savills’ econometric model is predicting 10,000by 2.0% compared to 1.5% for the rest of the country. As rental inflation in Dublin of around 6.5% and 4.6% in 2019 such,5,000 annual sales in Dublin have risen at a slightly faster rate and 2020 respectively. than0 the country as a whole. 2017 2018 2021(f) 2019(f) 2022(f) 2020(f)

Sources: Savills Research, CSO Requirements Completions

34 35 Title Viewings Data Room

A title summary is available in the property data room. Viewings strictly by appointment and to be arranged with the Further information is attainable through a dedicated web based data room www.project-shoreline.com sole selling agent.

SALES AGENTS

Savills 33 Molesworth Street Dublin 2, Ireland

www.savills.ie PSRA - 002233

John Swarbrigg Ebba Mowat Anneliese Charlesworth Director Associate Surveyor Development Development Development Portmarnock Golf Club +3531 618 1333 +353 1 618 1413 +353 1 618 1375 [email protected] [email protected] [email protected]

SOLICITOR

Byrne Wallace Alison O’Sullivan 88 Harcourt Street +353 1 691 5632 Saint Kevin’s, Dublin 2 [email protected]

www.byrnewallace.com Clongriffin DART Station Baldoyle Receivers

Tom O’Brien of Mazars Mazars Block 3 Harcourt Centre Harcourt Road Dublin 2

Savills Ireland 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 nor any of its 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 any of its 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. This brochure is issued by Savills Ireland on the understanding that any negotiations relating to the property are conducted through it. All maps produced by permission of the Ordnance Survey Ireland Licence No AU 001799 © Government of Ireland. Designed and produced by Creativeworld Tel +353 1 447 0553

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