An 11 acre residential development site in Waterford City with a guide price of €330,000 will be among the lots to be auctioned at the Real Estate Alliance auction at the Stand Hotel, Ennis Road, Limerick, on December 5 next.
In 2007 the land was bought for around €600,000 per acre which suggests that the guide price is a discount of about 95pc to its previous price.
Estate agent Des O'Shea of REA O'Shea O'Toole says that the planning permission has been extended to 2016 and this would allow the construction of a crèche and 111 houses ranging in size from two bedroom terraced houses to three and four bedroom semis and detached houses.
Located off the Carrickphierish Road, the property is located within the boundaries of the city and in the residential western suburbs. It is also convenient to the N25 Cork road and key employment centres and industrial estates.
The other lots going for the REA auction were not yet finalised before we went to press.