Sunday 22 September 2019

Value of land deals at 10-year high

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Ellie Donnelly

Ellie Donnelly

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

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

Last year there were 137 sales worth a combined €753m.

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

"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 traded.

Development continued at pace in Dublin and to a lesser extent in regional cities as "genuine efforts" were made to deliver supply to match underlying volumes of demand in sectors such as the office market, the industrial and logistics market, hotels, student accommodation and residential, CBRE said.

Meanwhile, Yew Grove real estate investment trust has bought three offices at the IDA Business Park in Letterkenny, Co Donegal, for €16m. Yew Grove listed on the Irish Stock Exchange in June. It has deployed €76m since its IPO and has €16m to acquire further properties.

Irish Independent

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