A residential development site in Donnybrook, Dublin, has been sold for €75 million.

'Project Montrose' includes 8.64 acres of lands owned by Irish national broadcaster, RTÉ (Raidió Teilifís Éireann). The site is adjacent to RTÉ's broadcasting headquarters at Montrose and provides an incoming purchaser with the opportunity to develop a mid to high-end housing scheme of up to 500 units comprising a mix of apartments and houses, subject to securing necessary planning permission.

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The single land holding represents one of the largest, predominantly residential, development opportunities in Dublin 4, according to Savills.

Mark Reynolds, Director, Savills Ireland, commented: "This area of Dublin is synonymous with exclusive high quality apartments and period houses, but supply has been limited due to the lack of appropriate development sites. Therefore, we see Project Montrose as a once in a generation opportunity to be part of a truly transformative development story in one of Dublin's most affluent and fashionable areas. For anyone serious about urban development not only in Ireland but in Europe, it doesn't get better than this.

"The pent up demand from buyers and renters for quality apartments in prime locations in Dublin 4, coupled with the backdrop of limited competing supply, will ensure a successful sales campaign for the scheme when completed."

(CD/LM)