Paddy McKillen jnr seeking €36m for south Dublin residential site

Investors in Dublin’s private rented sector more selective as inflation and rising interest rates bite

Although Oakmount had been the second-highest bidder at the outset of the sales process, it prevailed when the lead bidder was unable to complete on its offer of €31 million. While a sale of the lands for €36 million would suggest that Oakmount would be in line for a significant uplift on its original investment, any potential profit is likely to be reduced by the developer’s cost of financing the site’s acquisition and on the planning process.

Quite apart from its most recent association with the Daughters of Charity, the Temple Hill property has a storied history. The Victorian residence now known as St Teresa’s House was once the home of Lady Arnott, the wife of John Arnott who owned the department store bearing the Arnott name. The area offers a number of highly-regarded schools at both primary and secondary levels, including Guardian Angels, Carysfort, Scoil Lorcáin and Willow Park national schools, Blackrock College, St Andrew’s, Newpark Comprehensive, Sion Hill, CBC Monkstown and Rockford Manor Secondary Schools. At third level, both the UCD Michael Smurfit Business Graduate School at Carysfort Avenue, Blackrock and UCD Belfield are within easy reach of the Temple Road site.

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