Cherry Orchard’s 137 units form part of a larger plan
PROPOSALS for 137 homes in Cherry Orchard were presented to Dublin City Council this week, which form part of larger plans for the site.
Last year the Land Development Agency (LDA) and Dublin City Council (DCC) received planning application for over 700 cost rental and social-housing homes for the Cherry Orchard Point project.
It is located on a site owned by the city council beside Park West and Cherry Orchard Railway Station.
Phase 2 plans for 137 “affordable for sale (AFS) own-door residential homes” were presented to the city council for approval to be submitted to An Bord Pleanála.
Planning for Phase 1 of the project (708 homes), was approved last year by ABP.
A report by the LDA on Phase 2 states that the 137 AFS units contain a mix that consists of houses and duplex dwellings.
Current estimated value for Phase 2 is €2.21m. According to the LDA report, the Investment Team notes that there is “a level of uncertainty in forecasting inflation” and accurately assessing future delivery costs.
Figures included in the report exclusive of inflation include the scheme’s all-in development cost of €61.72m. Development costs equate to cost per home of €450,500, “thereby challenging the viability of the scheme given the average market value per home of €452,200.”
The intended approach is to enter a partnership with DCC on the basis they can confirm AHF funding of 100k per home – a total of 13.7m.
“Until such time that confirmation is provided there remains a risk to the viability of the scheme.
“It is imperative to secure formal confirmation from the local authority regarding the grant allocation before proceeding to the next project pathway,” said the report.
The site is designated for development under the Dublin City Council Development Plan 2022-2028 and is subject to the objectives of the Park West -Cherry Orchard Local Area Plan 2019 (LAP).
Phase 2 application is targeted to submit to ABP by end of January.