PIER HOWTH, CO.DUBLIN

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1 P R O J E C T PIER HOWTH, CO.DUBLIN

2 CONTENTS At a Glance 4 Executive Summary 6 Location 9 Accessibility 12 The Opportunity 16 Zoning 16 Planning Permission 17 Market Overview 28 Further Information 32 Project Pier presents a unique coastal development opportunity, offering scale, quality of location and full planning permission.

3 AT A GLANCE STRONG GROWTH ACROSS LEADING INDICATORS RESIDENTIAL MARKET Irish population growing by almost 54,000 persons per annum At 7.8%, Ireland continues to record the fastest rate of economic growth in the EU Property prices in Dublin currently rising by 12.1% per annum Housing demand continuing to outstrip supply 6,000 housing completions in Dublin ,000 net new jobs added in the last twelve months Further house price growth forecast from 4% - 8% in 2018 & 2019 RESIDENTIAL DEMAND PLANNING (SUBJECT SITE) 44% of Ireland s urban dwellers live in Dublin Dublin population currently growing by 1.2% and 15,500 PA Planning Permission F11A/0028 Apartments 229 Planning Permission F15A/0362 Apartments 127 Houses 51 Feasibility Study Duignan Dooley Architects Apartments 340 Government expecting population growth in the capital to average 10,000-12,000 per annum out to 2040 Commercial Accommodation 2,996 sq.m (32,246 sq.ft) Commercial Accommodation 2,756 sq.m (29,663 sq.ft) Commercial Accommodation 3,395 sq.m (36,540 sq.ft) TRANSPORT BUS 1 minute walk RAIL 1 minute walk BIKE 5 minute cycle to Howth - Clontarf Promenade ROAD 20 minute drive to M1 and M50 AIRPORT 20 minute drive PORT 20 minute drive 4 5

EXECUTIVE SUMMARY Total site area of approx. 2.67 hectares (6.61 acres). The lands occupy a coastal location in Howth, benefiting from panoramic sea views.

4 EXECUTIVE SUMMARY Total site area of approx hectares (6.61 acres). The lands occupy a coastal location in Howth, benefiting from panoramic sea views. Two live planning grants for large mixed use schemes, providing a purchaser with an option to implement either permission. Scheme apartments and 2,996 sq.m (32,246 sq.ft) commercial accommodation. Scheme residential units (127 apartments & 51 houses) and 2,756 sq.m (29,663 sq.ft) commercial accommodation. A feasibility study utilising the Sustainable Urban Housing: Design Standards for New Apartments March 2018 shows potential for 340 plus residential units and 3,395 sq.m (36,540 sq.ft) of commercial accommodation subject to planning permission. Local amenities are plentiful with shops, and a number of well-regarded restaurants and cafes situated close by, along Howth's West Pier. Benefitting from a picturesque setting, yet offering excellent accessibility with the DART and Dublin Bus Routes servicing the immediate area. A truly unique coastal development opportunity. 6 7

LOCATION The property is prominently located between

Howth is an affluent coastal village, which occupies the

A range of local retail amenities and a host of

coastal setting providing boating, fishing and water

Howth Castle and Deer Park Golf Course, situated opposite

leisure and recreational activities in the area.

5 LOCATION The property is prominently located between Howth Road (R105) and Claremont Strand. Howth is an affluent coastal village, which occupies the majority of the peninsula of Howth Head. A range of local retail amenities and a host of restaurants and cafes are located along the West Pier which is adjacent to the property. Leisure facilities are plentiful in Howth due to its coastal setting providing boating, fishing and water sporting opportunities. Howth Castle and Deer Park Golf Course, situated opposite the site and Howth Summit afford a wider choice of leisure and recreational activities in the area. The area also benefits from proximity to a number of wellregarded schools. Crabby Jo's The House Church of the Assumption 8 Reid's Fish Market Claremont Strand Howth Harbour Howth Lighthouse 9

6 The breath-taking Howth coastal path offers spectacular views of the Irish Sea and Dublin Bay

M1 R122 DUBLIN AIRPORT KINSEALY PORTMARNOCK ACCESSIBILITY R106 R107 R124 Howth is situated approximately 13 km north R132 east of Dublin City Centre, 13.

Howth DART Station is situated immediately adjacent to R104 the property providing direct links to the City Centre, surrounding suburbs, South Dublin and Wicklow.

orbital road network are located within 10km, further enhancing accessibility.

7 M1 R122 DUBLIN AIRPORT KINSEALY PORTMARNOCK ACCESSIBILITY R106 R107 R124 Howth is situated approximately 13 km north R132 east of Dublin City Centre, 13.5 km east of Dublin Airport, and 2 km east of Sutton Cross. Whilst benefitting from a picturesque setting, it M50 R139 R123 also offers excellent accessibility. Howth DART Station is situated immediately adjacent to R104 the property providing direct links to the City Centre, surrounding suburbs, South Dublin and Wicklow. The 31/31A Dublin Bus route with a terminus adjoins the site on the Howth Road, whilst the R135 R103 SANTRY M50 R107 R104 COOLOCK R809 R104 R105 R106 SUTTON HOWTH STATION HOWTH M1 and M50 orbital road network are located within 10km, further enhancing accessibility. R102 R102 R103 R105 R807 ASHTOWN R108 R105 R808 Excellent accessibility with Howth DART Station immediately adjacent to the property. R805 HEUSTON STATION DUBLIN CITY CENTRE R101 CONNOLLY STATION CLONTARF DUBLIN PORT Distance from Project Pier Howth Railway Station 1 min walk M1 / M50 20 mins drive Dublin Port 20 mins drive Dublin Airport 20 mins drive Howth Railway Station Howth Village View of Ireland's Eye 13

8 Project Pier occupies a coastal location benefiting from panoramic sea views

THE OPPORTUNITY The property comprises a site of approximately 2.67 hectares (6.61 acres). The lands are partially occupied by commercial buildings relating to its former use.

residences to the west. Numerous access points from the site provide direct access to Howth Road.

Objective TC is defined as to Protect and enhance the special physical and social character of town and district centres and provide and/or improve urban facilities.

9 THE OPPORTUNITY The property comprises a site of approximately 2.67 hectares (6.61 acres). The lands are partially occupied by commercial buildings relating to its former use. The lands which benefit from approximately 325m frontage to Howth Road (to the south), are also bound by Baltray Park to the east, Claremont Strand and the rail line to the north and warehousing and residences to the west. Numerous access points from the site provide direct access to Howth Road. ZONING The subject lands are zoned Objective TC (Town and District Centre) under the Fingal Development Plan Objective TC is defined as to Protect and enhance the special physical and social character of town and district centres and provide and/or improve urban facilities. Residential and a wide range of commercial uses are permitted in principle. Zoning Map (for identification purposes only) Aerial view of the development (for identification purposes only) PLANNING PERMISSION The subject property benefits from two live planning grants detailed on the next pages, providing an opportunity for a purchaser to implement either permission. Below is a brief outline of both permitted schemes; F11A/0028 Apartments 229 Houses 0 F15A/0362 Apartments 127 Houses 51 Commercial Accommodation 2,996 sq.m (32,246 sq.ft) Commercial Accommodation 2,756 sq.m (29,663 sq.ft) Basement & Surface Car Spaces 467 Basement & Surface Car Spaces 426 OSI Map including Right of Way (outlined for identification purposes only) Both planning applications represented a collaborative approach with the neighbouring landowner (Fingal County Council) and therefore there is an element of accommodation outside of the subject property, which is not included in the schedules of accommodation provided. Further detail is available within the Summary Planning Report available on our web based dataroom. A feasibility study has also been prepared to reflect the potential uplift in unit numbers resulting from the new Sustainable Urban Housing: Design Standards for New Apartments March 2018, which demonstrates potential for an increase in residential units and is outlined as follows; Feasibility Study Apartments 340 Commercial Accommodation 3,395 sq.m (36,540 sq.ft) Basement & Surface Car Spaces

10 F O O T B R I D G E PLAZA Planning Permission F15A/0362 Planning permission was granted by An Bord Pleanala (Ref. No. PL 06F and F15A/0362) on 20th June 2016 for a development comprising; 51 x 3 & 4 bed terraced houses 127 x 1, 2 & 3 bed apartments 2,756 sq.m (29,663 sq.ft) of commercial accommodation including retail, creche, restaurant, leisure Housing Accommodation Unit Type 1 Bed 2 Bed 3 Bed 4 Bed Total Terrace Terrace Terrace Terrace Project Pier CGI (Planning Permission F15A/0362) Terrace Terrace Terrace Terrace Total Apartment Accommodation Building 1 Bed 2 Bed 3 Bed Total % Block BOULES PLAYING PITCH Block Block A C C E S S R O A D ALL WEATHER TENNIS COURT EXISTING PUMP HOUSE DART PLATFORM Block Total NEW PUMP HOUSE ALL WEATHER PITCH WATER SERVICES COMPOUND A C C E S S R O A D BIN STORE ESB PUBLIC OPEN SPACE C L A R E M O N T S T R A N D Commercial Accommodation Unit Types Size Sq.M Size Sq.Ft LANSCAPPED DECK Retail 1,315 14,153 Creche 227 2,443 Restaurant 668 7,190 H O W T H R O A D Leisure 546 5,877 Total 2,756 29,663 Site Plan for Planning Permission F15A/0362 (for identification purposes only) 18 19

Planning Permission F15A/0362 consists of 178

Project Pier CGI (Planning Permission F15A/0362)

11 Planning Permission F15A/0362 consists of 178 residential units, 2,756 sq.m (29,663 sq.ft) commercial accommodation including retail, creche, restaurant and leisure. Project Pier CGI (Planning Permission F15A/0362) Project Pier CGI (Planning Permission F15A/0362) Project Pier CGI (Planning Permission F15A/0362) 20 21

12 22 23

Planning Permission F11A/0028 Planning permission was granted by Fingal County Council (Ref. No. F11A/0028) for a development comprising; 229 x 1, 2 & 3 bed apartments 2,996 sq.m (32,246 sq.

13 Planning Permission F11A/0028 Planning permission was granted by Fingal County Council (Ref. No. F11A/0028) for a development comprising; 229 x 1, 2 & 3 bed apartments 2,996 sq.m (32,246 sq.ft) commercial accommodation including retail, creche, restaurant, leisure centre This permission was recently extended until 13th March 2023 (Ref no. F11A/0028/E1). Project Pier CGI (Planning Permission F11A/0028) Residential Accommodation Building 1 Bed 2 Bed 3 Bed Total % Block Block Block Block Block CONTROLLED OPEN SPACE EXISTING PUMP DART PLATFORM Block HOUSE CLAREMONT STRAND A C C E S S R O A D ALL WEATHER ALL WEATHER PITCH WATER SERVICES COMPOUND NEW PUMP HOUSE F O O T B R I D G E Total TENNIS COURT A C C E S S R O A D BIN STORE ESB PUBLIC OPEN SPACE FOOTBRIDGE LIFT Commercial Accommodation Unit Types Size Sq.M Size Sq.Ft Retail 1,078 11,603 H O W T H R O A D Office Creche 274 2,949 Restaurant 556 5,984 Leisure Centre 1,018 10,957 Total 2,996 32,246 Site Plan for Planning Permission F11A/0028 (for identification purposes only) 24 25

14 Planning Permission F11A/0028/E1 consists of 229 residential units and 2,996 sq.m (32,246 sq.ft) commercial accommodation including retail, creche, restaurant and leisure centre

MARKET OVERVIEW INTRODUCTION Ireland s economy continues to perform especially well. At 7.8% total output is rising at a faster annual rate than any other country in the EU.

15 MARKET OVERVIEW INTRODUCTION Ireland s economy continues to perform especially well. At 7.8% total output is rising at a faster annual rate than any other country in the EU. Underpinning this is the robust performance of the labour market. Ireland is currently adding close to 67,000 net new jobs a year. Unemployment has fallen to 5.9% and real aggregate disposable income growth is averaging over 5% per annum due to a combination of modest pay increases, consecutive tax cuts and increased numbers at work. Brexit negotiations and US economic policy have undoubtedly contributed to uncertainty. Nonetheless Ireland s economic outlook remains favourable and consensus forecasts point to continued expansion of around 4.7% and 3.8% in 2018 and 2019 respectively strong growth rates by historic and international comparisons. Dublin s population is currently expanding at an even faster rate of around 15,500 persons (1.2%) per annum. This implies a current need for about 6,000 additional dwellings a year just to meet the demand from population growth. However, when we factor in buildings required to replace dilapidated units, and to compensate for the fact that we haven t built anywhere near enough units for quite some time, the current requirement is somewhat higher. Electricity connections data indicate that around 6,000 properties were constructed in the capital in However, it is well understood that this metric overstates true housing output 1 and the reality is that Dublin s housing market remains undersupplied. With too few units being built to meet demand, there is strong competition for the limited number of available properties. The net result is competitive bidding leading to price inflation. Official CSO statistics show that house prices in Dublin are currently rising by 12.1% per POLICY In an effort to stimulate housing development activity, a range of measures have been introduced including; Fast-track planning: Developers can now submit planning applications for housing developments of 100 or more residential units, or 200 plus student accommodation units (or a combination of both), directly to the national planning body, An Bord Pleanála, instead of to local planning authorities as was previously the case. It is estimated that this can reduce the time in planning from around 18 months to 7-8 months. The new arrangements apply initially until December However, subject to review, they may be extended to December New national apartment planning guidelines: The new guidelines allow for a certain amount of smaller studio type apartments in certain managed developments, address the minimum number of units with dual aspect, the maximum number of units per core and revise car parking provision in city centre and public transport served locations. The rate of stamp duty on non-residential transactions has risen from 2% to 6%. However, a stamp duty refund scheme is in place for buyers of commercial land purchased for residential development. This is conditional on the land being developed within 30 months and that the development commences before 31st December We understand the development must be completed within two years of commencement. RESIDENTIAL MARKET annum (see Figure 1). Property prices are ultimately driven by the balance between housing supply and demand. At a most basic level demand depends on Figure 1: Residential Property Prices - Dublin population growth. Project Ireland 2040 the Government s long-term strategy for shaping the future growth of the country envisages that Ireland s population will increase by approximately one million people by In terms of the distribution of growth, the Government is targeting a 25:75 split between Dublin and the rest of the country, with the capital s population projected to increase by % Change Y/Y between 235, ,000 persons over this -25 timeframe. This projection range translates into average population growth in Dublin of 2010M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M M03 between 10,000-12,000 persons per annum out to Source: CSO 1 Official housing completions estimates are proxied by connections to the national electricity grid. These can include reconnections of existing buildings, where power had previously been disconnected, and outbuildings. Therefore they tend to overstate total housing construction output

OUTLOOK Home Building Finance Ireland (HBFI): Housing commencement notices a leading HBFI increases the availability of debt funding on market terms to commercially indicator of future completions

16 OUTLOOK Home Building Finance Ireland (HBFI): Housing commencement notices a leading HBFI increases the availability of debt funding on market terms to commercially indicator of future completions have reacted positively to these policy changes Figure 2: Residential Property Price Forecasts - Dublin viable residential development projects whose land owners want to build homes. and are moving higher. The Construction PMI (Purchasing Managers Index) is also 120 Some 750 million of the Ireland Strategic Investment Fund is to be made available to finance housing development through this new vehicle. It is claimed that this has the potential to fund the construction of 6,000 homes. Subject to legislation passing, it is expected HBFI will begin lending in the second half of As part of the Government s Rebuilding Ireland programme, the Local Infrastructure Housing Activation Fund (LIHAF) was established. LIHAF provides funding for public off-site infrastructure to unblock land in high demand areas and accelerate the delivery of new homes. As of March 2018, a total of 30 public infrastructure projects indicating continued strong growth in residential construction activity. While the gap is slowly being bridged, new supply is likely to continue to undershoot requirement levels in the near term leading to further house price inflation (HPI). While we envisage a slowdown in the rate of HPI in the second half of 2018, due to a more challenging base effect kicking-in, annual house price growth in Dublin is still forecast to be close to double-digit territory by year-end. Looking beyond 2018, we expect growth will continue moderating as increased supply comes on stream. Nonetheless, we still envisage HPI averaging 4% - 8% in 2019 (see Figure 2). Index = 100 in January M M M M M M03 Source: CSO / Savills Research 2011M M M M M M M M M M M M M M M M M04(f) 2018M09(f) 2019M02(f) 2019M07(f) 2019M12(f) received final approval and have been signed-off under the programme. To support budding home owners a First-Time Buyers (FTBs) Help-to-Buy scheme came into effect in January The scheme remains in place and is designed to assist FTBs of new homes by providing a rebate of income tax (including DIRT) paid over the previous four tax years up to a maximum of 5% of the purchase price, up to a value of 400,000. Where new homes are valued between 400,000 and 500,000 the maximum relief (i.e. 20,000) continues to be available. Revisions to mortgage lending rules in January 2017 now enable FTBs to finance the entire amount of their purchase at a 90% loan-to-value ratio compared with only the first 220,000 as was previously the case. The combination of Helpto-Buy and more lax lending rules appears to be adding to FTBs firepower. Latest data show that the average loan approval for FTBs has risen by 15% since they were implemented

17 FURTHER INFORMATION TITLE A title summary is available in the property data room. SERVICES A full services report is available in the dataroom. Interested parties are also advised to satisfy themselves as to the presence, adequacy and availability of all services to the subject lands. VIEWINGS Viewings strictly by appointment and to be arranged with the sole selling agent. DATA ROOM Further information is attainable through a dedicated web based data room; SELLING AGENTS Savills 33 Molesworth Street Dublin 2 PSRA Licence No John Swarbrigg Divisional Director Development john.swarbrigg@savills.ie Colette Mulroy Associate Development colette.mulroy@savills.ie Nicky Conneely Senior Surveyor Development nicky.conneely@savills.ie SOLICITOR Ronan Daly Jermyn The Exchange George's Dock I.F.S.C, Dublin 1 Peter McGarvey peter.mcgarvey@rdj.ie Disclaimer: Savills Ireland 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 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 Government of Ireland. 32

Balbriggan Shopping Centre

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