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Shannon Group plans €10m sale of Limerick industrial site

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Shannon Group Chairman Rose Hynes

Shannon Group Chairman Rose Hynes

Shannon Group Chairman Rose Hynes

Shannon Group, an umbrella organisation focused on delivering economic benefits to the Shannon and Limerick areas, is set to sell 227 acres of land, potentially worth €10m, in Co Limerick.

One of the group's four subsidiaries, Shannon Commercial Properties, is seeking a commercial real estate partner for the sale of the entire plot of land near Askeaton.

The company said it was proposing to go to market in the first quarter of next year.

A spokeswoman for Shannon Commercial Properties confirmed the company had received a number of queries about developing on the land bank in recent months.

She said the company proposed to go to market in order to "determine the level of interest in developing the entire land bank".

Earlier this month, Shannon Commercial Properties issued a request for tender, seeking a commercial real estate partner.

In the document, the company said the development of the land, which is zoned for industrial use, must "utilise the natural attributes of the site".

The tender documents also state that commercial real estate companies interested in partnering with Shannon should have recent international experience of large industrial projects. It offers a notional guide sale price for the land of €10m.

A website for the 227-acre site said that the land should be used for "large-scale marine-related industry or industrial projects of national or international scale".

It is also recognised as having potential synergies with the Port of Foynes for port-related development.

The website adds that other developments could be feasible on the site, provided they do not compromise the primary objective of "providing for large-scale industrial investment".

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