A residential property with potential for up to 27 new houses has been relaunched on the market with a much reduced guide price.

Known as ‘The Grove’, Mart Lane, Foxrock, Dublin 18, it comes with an existing house on 1.48 acres and agents Cushman & Wakefield are guiding at excess €2,250,000. That is a reduction on the €3.25m which was quoted by other agents when it was launched a year ago.

HKR Architects have undertaken a capacity study on the property and suggest two different options that are feasible for development on the lands. One option includes the retention of the existing dwelling plus the development of 12 large houses, while another option highlights the potential for a compact housing model of 27 new homes ranging between two and three stories in height across the entire site.

A spacious five-bedroom bungalow which was built in the late 1960s is located on the property. This dwelling which extends to 1,977 sqft is in good condition throughout and is readily available for occupation. The grounds have been well maintained across the entire property. Access to the current dwelling is currently granted off Mart Lane. However, there is the potential for future access into the site from St Brigid’s Park.

The property has retained its ‘Objective -A’ zoning under the Dún Laoghaire Rathdown County Development plan 2022-2028 and as such, presents an opportunity for a low-to-medium density residential scheme on the lands.

Paul Nalty and Sean Kellegher of Cushman & Wakefield are handling the sale and commented that the property “is an excellent suburban residential development opportunity and due to its highly sought-after location, will have exceptional demand for its future scheme. We’re experiencing good levels of interest for this sale, especially given the different development scenarios which the site lends itself to.”

Mart Lane connects Cornelscourt village to Westminster Road and is convenient to the N11 as well as the facilities in both Foxrock village and Cornelscourt. These include Leopardstown Racecourse and golf facilities, Carrickmines Croquet and Lawn Tennis Club as well as the nearby M50. Shopping facilities include Cornelscourt and The Park, Carrickmines.