Business Irish

Sunday 22 January 2017

Davy Hickey chiefs set to pay 60pc over guide on Navan land

Published 04/12/2016 | 02:30

'The sale of the site was prompted by the Bank of Ireland following the collapse of the Spicer family's bakery business after 178 years in operation' Photo: Bloomberg
'The sale of the site was prompted by the Bank of Ireland following the collapse of the Spicer family's bakery business after 178 years in operation' Photo: Bloomberg

A company controlled by Davy Hickey Properties chiefs Brendan Hickey and Hugh Lynn is set to pay 60pc more than the guide price for a 44-acre (7.8 hectares) site with potential for the development of up to 400 houses in the commuter town of Navan, Co Meath.

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The Sunday Independent has been informed by a number of well-placed market sources that the developers, best-known for their development of Dublin's Citywest Business Campus, have agreed to pay €6.4m for the site which is located within the perimeter of Navan's urban area.

The price represents a premium of €2.4m on the guide price of €4m-plus set by joint agents Lisney and Smith Harrington for the site which fronts on to Academy Street on the Dublin Road out of Navan.

The lands themselves form part of the grounds surrounding Belmont, a substantial period house which had been home to the well-known Spicer family.

The sale of the site was prompted by the Bank of Ireland following the collapse of the Spicer family's bakery business after 178 years in operation.

Efforts to contact Davy Hickey Properties director Brendan Hickey for comment on the transaction proved unsuccessful. Hickey's co-director Hugh Lynn meanwhile declined to comment when contacted by the Sunday Independent.

Apart from the development of housing, the site's new owners are expected to submit a planning application to Meath County Council for a commercial development in return for the provision of approximately six acres for a new school on the site.

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