The National Transport Authority unveiled artistic impressions of the long-awaited proposed MetroLink route stations across the capital of Dublin last month at a public event.
The NTA announced that the proposed stations along the ‘preferred route’ will include Swords, the Airport, Collins Avenue, Glasnevin, the Mater Hospital, Tara Station and Charlemont.
The most recent Metrolink proposal eliminates the controversial extension of the line past the Charlemont station and the upgrade of the Luas Green Line. There was public opposition after it was reported that to facilitate the upgrade, the Green Line would need to be closed for four years. Metrolink has said that the upgrade would be postponed with no specific plan at this time. They acknowledged that it may not happen for up to 20 years.
Public resistance also forced the dismissal of other highly contentious proposed plans like the acquisition of the Na Fianna GAA club grounds in Glasnevin.
The NTA found the most difficult issue to contend with was the station on O’Connell Street. The current MetroLink proposal calls for an ‘integrated station’ that will be built under the Carlton Cinema site on O’Connell Street. Alternative proposals for the station proved to be difficult due to challenges of maintaining services on the Luas and traffic on O’Connell Street.
The overall construction of the stations on the ‘preferred route’ aims to start construction by 2021 and to be operational by 2027. The project is expected to create around 4,000 jobs.
Homes Near Metro Stations Command Higher Price
According to recently released research conducted by Daft.ie, prices for homes located close to DART stations and Luas stops continued to rise by an average of 4% in the first quarter of 2019 to a new average of €512,000.
This means that a premium property located near a station is 34% higher than the average asking price of a home in Dublin, which is currently €383,000. The Daft.ie study also included, for the first time, the new stations on the proposed route.
The most expensive homes in the current plan are closest to the Charlemont station (€724,000) and Tara Street (€573,000). The organization plans to continue to monitor the price of homes within the areas of the new stations to evaluate how they change as the project progresses.
Proposed Stations Present an Opportunity for Investors and Developers
The premium prices on homes near Dublin DART and Luas stations demonstrate the strong demand for light rail public transportation options in the capital.
The NTA’s release of the ‘preferred route’ encourages investors and developers to begin speculating about possible construction projects located within a 10-minute walking distance of each of the proposed stops.
In assessing the current construction taking place along the route and the potential availability of land suitable for development, it would appear that Ballymun/Estuary is a region notably primed for further development. However, there are current zoning regulations that could hinder home building concentrated in this area.
If you are interested in learning more about the NTA’s plan for the Metrolink route, check out their website for more information and updates on the project.