Property Economics & Valuations: Analysis of Proposed Development in Dundalk

Property Economics & Valuations 1
PROPERTY ECONOMICS & VALUATIONS
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Property Economics & Valuations 2
Table of Contents
1. Introduction.......................................................................................................................................2
2. Site Description..................................................................................................................................2
3. Cost Calculations...............................................................................................................................4
4. Economic Viability of Proposed Development................................................................................5
5. Suitability of Data Sourced...............................................................................................................8
6. Summary and Conclusions...............................................................................................................9
Appendix 1: Map view of the site (Draft Media Limited, 2018a)...........................................................10
Appendix 2: Satellite map of the site (Draft Media Limited, 2018a)......................................................10
Appendix 3: Cost Calculations...............................................................................................................11
Appendix 4: Adjustment Factor.............................................................................................................13
Appendix 5: Views of 8 Tudor Grove, Mullagharlin Road, Dundalk, Louth house...........................14
References................................................................................................................................................16

Property Economics & Valuations 3
1. Introduction
This report presents an analysis of the proposed property development in Dundalk, County
Louth in Leinster province, Ireland. The analysis is done by considering several factors including
site cost (the cost of land) and both hard and soft building costs. The report then examines if the
project is economically viable by comparing the total cost of the proposed development with that
of another property that is located within a radius of 1.8 kilometers to the proposed property. The
property being compared is similar to the proposed property in location, design, size and use.
Calculations in this report have been done by following the cost guidelines in the Society of
Chartered Surveyors Ireland’s (SCSI) “The Real Cost of New House Delivery 2016” report for
constructing a three-bedroom semi-detached house in greater Dublin area in 2016 (Society of
Chartered Surveyors Ireland, 2017). Since the cost of construction is different in Dublin and
Dundalk, the total cost of construction of the proposed property in Dundalk has been reduced
because elemental cost of construction in Dublin is higher than that in Dundalk.
The report has also identified several properties sold in Dundalk for the period starting
January 2017 to December 2017. The average price of these properties has been determined and
used to establish the proposed development’s economic viability. Additionally, suitability of the
data gathered has been examined to establish if the data is comparable.
2. Site Description
Site Address: Avenue Road, Dundalk, Co. Louth
Geographical location: Located off Avenue Road
Nearby features and amenities: Sloanes, Conlon’s Food Hall, Dundalk Institute of Technology,
Marshes Lower, Marches Shopping Centre, Louth County Museum, Emerald Casino, Dundalk
Windmill, Ice House Hill Park, St. Mary’s College Grounds, etc.

Property Economics & Valuations 4
Setting: urban
Site area: 0.08 acres (hectares)
Floor area: 162m2
Front orientation: West
Rear orientation: East
Topography: Level site
House type: Detached
Number of bedrooms: 4
Site features: great central location, full planning permission, all services and town centre
amenities nearby, and off road parking.
Water: municipal supply
Selling Agent: Property Partners Laurence Gunne
PRS License Number: 001699 (Draft Media Limited, 2018a)
Contact Name: Stephen Gunne
Asking price: €70,000
More details about the map view and satellite view of the site are provided in Appendix 1 and 2.
3. Cost Calculations
Full planning permission has already been issued for the construction of a four-bedroom
house at Avenue Road, Dundalk, Co. Louth. SCSI publishes annual report on the construction