Former Fleming Sandymount scheme guides at €80m

Luck, and timing, and what might have been....but that’s no consolation for the Fleming Group, whose costly buy-in €245m site assembly vision for Sandyford on Dublin’s southside is only now coming to fruition, as some of its fruits get sold on again.

The so-called Rockbrook Estate on a site assembled by Bandon-based Flemings in the early 2000s on the Luas Green line at Sandyford comes to market this week, guiding €80m for 270 fully rented apartments, producing €4.15m. It has some commercial elements, plus a site of close to three acres with planning for 416 apartments over basement parking.

Selling agent for the Rockbrook Estate is Dessie Kilkenny of Savills who predicts very wide interest from the likes of Hiberia Reit, Ires Reit, Kennedy Wilson and others given the existing income, and the quality of build using Fleming’s pod construction, with apartments trucked from a factory in Ringaskiddy, Cork, to Dublin, and further development scope for hundreds more units. Flemnig secured planning in 2006 for 880 apartments at Sandford, and up to 50 sold before the market crashed, at prices of up to €500,000.