Social housing apartments that the owner of Dundrum Town Centre is proposing to build will cost up to €788,741 each.
UK property giant Hammerson has put an indicative total price tag of €42.6m on 88 apartments it is proposing to sell to a local council for social housing in Dundrum, south Dublin.
As part of its social housing obligations under planning legislation, Hammerson wants to sell the apartments to Dún Laoghaire-Rathdown County Council.
The proposal, under Part V of the 2000 Planning and Development Act, represents 10pc of the €466m, 881-unit apartment scheme Hammerson proposes to build. Ninety-per cent will be privately owned housing.
As part of the fast-track scheme lodged with An Bord Pleanála, Dundrum Retail GP DAC, a subsidiary of Hammerson, has confirmed the Strategic Housing Development (SHD) proposal will include a “landmark” 16-storey apartment block to the north of the site.
The scheme is to be made up of 11 blocks across four “zones”, and the developers are seeking an eight-year planning permission to complete the plan.
The scheme is made up of 335 one-bed apartments; 85 two-bed, three-person apartments; 379 two-bed, four-person apartments; and 82 three-bed apartments.
As part of the proposed social housing deal, the Hammerson firm has put an indicative price tag of €788,741 on the three-bedroom units, €567,708 on the two-bed apartments and €385,301 on the one-bed flats.
The firm is proposing to sell 46 one-bed apartments, 37 two-bed units and five three-bed flats for social housing.
In a letter enclosed with the indicative costings, BMA Planning on behalf of the Hammerson subsidiary states: “The estimated costs are intended to provide a reasonable estimate of the costs and values of the proposed Part V units based on construction costs and values prevailing at the time of this application.”
In a response to the applicants, the council said that “while the unit costs exceed the council’s approved acquisition cost threshold, it is acknowledged that the stated costs are estimated as actual cost cannot be quantified at this preliminary stage”.
The letter adds that “should planning permission be granted, the council may seek a revision of the Part V proposal following evaluation of costs and land values, a review of current housing demand and determination of funding availability”.
The scheme will also include 10 retail units, a retail food store, four cafe/restaurants and a creche.
In addition, it will include a new public open space known as Church Square to the rear of Holy Cross Church.
As part of a comprehensive planning submission lodged with the scheme, BMA Planning said “the proposed development of the Dundrum Village site is an appropriate response for this Major Town Centre site and would provide high-quality residential and supporting village centre uses at a central and accessible location in need of regeneration”.
The designers said the vision is to deliver a vibrant place to live, underpinned by the re-establishment of the traditional shopping thoroughfare along Dundrum Main Street.
