Former Pall Corporation property sold for around €1m
The largest industrial property to sell in the Irish regions this year has been bought for around €1m.
Located in Tipperary Town, the manufacturing facility extends to over 15,965sqm (171,850 sq ft) on a site of 10.4 acres.
It had been a production centre for health care company Pall Corporation from 1997 until it closed last year.
Joint agents BNP Paribas Real Estate and Moynihan Curran negotiated the sale to an established Irish company which is expected to locate operations in the premises.
However, the agents declined to disclose either the price or the name of the buyer.
The agents had been asking €2m for it originally but are believed to have sold it at less than that figure.
Peter Flanagan of BNP Paribas Real Estate commented that the sale was aided by the fact that the property had a good range of existing services including a significant power supply and the building and site had been well maintained.
Kieran Moynihan of Moynihan Curran said the sale was very good news and a vote of confidence for Tipperary Town.
"It would also hopefully lead to new employment being created at this excellent facility in the short to medium term," he added.