Friday 21 October 2016

Development sites on sale seeking €4m

Published 10/05/2015 | 02:30

Bannon are acting as agents over this 30.75 acre site adjacent Castlemungret Industrial estate in Limerick
Bannon are acting as agents over this 30.75 acre site adjacent Castlemungret Industrial estate in Limerick

Bannon have been retained as agents for two development sites with a combined guide price of some €4m.

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The firm are seeking buyers for a 30.75 acre site in Limerick and a 15.1 acre site in Co Louth.

The Limerick site is located close to the Dock Road/M7 Interchange, 4 km south-west of Limerick City centre. The site comprises a greenfield development site of 30.75 acres which is zoned for Residential, Enterprise and Employment and Industrial development under the Limerick County Council Southern Environs Local Area Plan 2011 - 2017.

The 30.75 acre development site adjoins Castlemungret Industrial Estate and Templemungret House occupied by the OPW. There are 8.9 acres zoned "Residential Development Area" which adjoin a new residential development to the south known as Sli na Manach, where construction is ongoing. Three bed semi-detached houses in that development are currently selling for €250,000. The site has frontage of 450m onto the R510 (Dock Road roundabout to Quinns Cross).

According to Cian McMorrow of Bannon, "We are expecting significant interest in this site. The demand for residential development land has spread well beyond Dublin and there are well-funded parties now seeking development sites in other cities such as Limerick. Demand for new residential units is exceeding supply in parts of Limerick City".

The Louth site meanwhile is a 15.1 acre residential development site is adjacent to the Newtown Blues GAA sports ground. Nearby residential developments include Beechwood, Cherrywood, Beaulieu View and Harmony Heights.

The site lies 2.3km from Drogheda town centre. The lands are zoned "Residential New" under the Drogheda Borough Council Development Plan 2011 - 2017. There are relatively few undeveloped sites with this particular zoning in Drogheda.

Mr McMorrow expects "significant demand for this site from residential developers who can see the opportunity to capitalise on the increasing demand for housing in Drogheda.

"Since the introduction of the new regulations on mortgage lending by the Central Bank, there has been increased appetite from residential developers seeking development sites in towns within commuting distance of Dublin City. "

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