Saturday 21 September 2019

Commercial land sales in 2018 reach almost €1.5bn

The €289m Davy Irish Property Fund has a weighted average unexpired lease term of around 7.3 years. (stock picture)
The €289m Davy Irish Property Fund has a weighted average unexpired lease term of around 7.3 years. (stock picture)
Ellie Donnelly

Ellie Donnelly

Sales of commercial land in Ireland this year reached almost €1.5bn, a ten year high.

During the 12 month period 125 transactions were signed, according to figures from property consultants CBRE Ireland.

"This is a great result, boosted by a number of high profile development site sales during the last year, meaning that 2018 saw the highest volume of land traded in more than a decade at almost €1.5bn," Marie Hunt, director and head of research at CBRE Ireland, said. 

"However, relative to the volume of land traded during the boom years of the Celtic Tiger, the volume of land trades remains low by comparison," Ms Hunt added.

In 2006, at the height of the previous boom, 260 sites totalling more than €4bn were traded.

This year the office sector was one of the best performing market sectors, with year-to-date take-up reaching more than 220,000m².

More than one third of the office stock let in Dublin in the year to the end of September comprised of pre-lettings.

Elsewhere, at more than 210,000m², industrial year-to-date take-up was 24pc higher than last year.

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