Two sides of the land market coin
Published 21/10/2015 | 02:30
The land market is one of the best barometers of the country's economic condition and two recent land deals reflect the shuddering extent of the post-2008 crash and the renewed faith in Ireland among foreign investors.
A piece of land currently on the market on the outskirts of Clonmel, Co Tipperary is a reminder of just how severe the crash was and how inflated expectations were in the mayhem of Celtic Tiger Ireland.
John Stokes of Stokes and Quirke is handling the sale of a 7ac parcel of ground at Abbey Farm, Cahir Road, Clonmel. Once a piece of development land, the property still has planning permission for 65 houses.
It was bought in 2006 for a figure in excess of €5m and is for sale today with a guide price of €228,000, a discount of more than half. However, even with that discount, the property commands a hefty price of €32,500/ac.
According to Mr Stokes the planned 65-unit housing scheme included 10 detached houses, 46 semi-detached houses and 9 terraced townhouses. The planning expires on June 7, 2017.
"This was one of the most expensive development sites sold in Clonmel," he said. "It's among the best locations in Clonmel for residential or commercial property."
Located just off the Cahir Road on the edge of Clonmel, the site is adjacent to the bypass with direct access to all main routes. It is for sale by private treaty.