€3m price tag on Magdalene Laundry site

By Sam Griffin
Herald
March 26, 2014

http://www.herald.ie/news/3m-price-tag-on-magdalene-laundry-site-30127816.html

Also on sale is part of an original wing of the Sister's of Charity Convent, who ran the laundry from 1883 until 1992, as well as another adjoining building meaning the total area for sale extends to 0.615 of an acre.

It is expected the laundry and other buildings will be entirely demolished and replaced with high-spec apartments with a huge demand for residences in the Dublin 4 area.

The property was sold to a businessman in 1992 but was operated for over a century by the Sisters of Charity who were gifted the site in 1883 by two lay people. Up to 120 women were accommodated at any one in point in the facility.

The nuns continue to run the main St Mary's Convent Building on the site which will remain untouched while the iconic looming chimney tower is protected by heritage laws and must also be preserved.

HISTORIC

The property, located close to the Main Street through Donnybrook, is on sale by Colliers International who expect the historic site to generate a huge amount of interest due its redevelopment potential.

The size of the area means some 30 apartments or townhouses could be built on the site.

Meanwhile another site-for-sale expected to be snapped up quickly is the Odeon Cinema in Stillorgan, which is on offer for €3.5m. The purchaser will get a 8.8pc net return.

Dessie Kilkenny of Savills Investment said the strong residential catchment area meant the site would be very popular.

"We expect a good level of interest for this particular investment property given the long unexpired lease term and the attractive net initial yield on offer."

Last month, the Cineworld cinema complex on Parnell St sold for over €23m.