Wednesday 22 November 2017

Over €2.5m sought for site near IKEA

The Ballymun site which is situated next door to furniture store IKEA and just off the M50. Industry sources suggest it could fetch up to €3m
The Ballymun site which is situated next door to furniture store IKEA and just off the M50. Industry sources suggest it could fetch up to €3m

Donal Buckley

A SITE, near the IKEA store in Ballymun, north Dublin is for sale and is expected to suit a high quality retail warehouse development. While the agents Lisney have not disclosed a guide price, industry sources suggest that it could fetch between €2.5m and €3m.

Dublin City Council and its agency, Ballymun Regeneration Limited, are selling the 3.7 acre site and their agents Lisney have set November 15 as the closing date for tenders.

As well as being beside IKEA furniture store, it is just off the M50 motorway at Junction 4, making it accessible to both Dublin customers as well as those from other areas close to the country's main arterial routes. Shoppers spent €2m per week at IKEA Ballymun during 2011.

Ross Shorten of Lisney says IKEA is one of the most successful retail warehouses in Ireland and the site will be of interest to a wide range of parties to include: Irish, UK, European and international retail warehouse owner- occupiers, investors, developers and financial institutions.

"The level site is zoned "Objective RW: Provide for retail warehousing development".

The vision is to "Facilitate the sale of bulky goods within high quality settings and highly accessible locations, with an emphasis on exemplar sustainable design and aesthetic quality".

Currently the lands accommodate a decommissioned car parking zone for the adjoining retail development, IKEA. It is anticipated that the proposed scheme will both further enhance Ballymun as a destination and create more employment in the area.

Almost €1 billion has been spent on the physical, economic and social regeneration of the Ballymun area.

A spokesperson for BRL says Ballymun was never only a housing project. There are neighbourhood centres, new parks and playing fields, IKEA and the Main St is developing into a mixed used area with retail, services, hotel, public services and Axis, the local arts and community centre.

At the Dublin City Council City Neighbourhood Awards, the Rediscovery Centre at Ballymun won Best Business Environment Initiative in the city. School attendance figures have improved and are now at the same high levels as elsewhere in the city.

Tidy Towns figures for Ballymun improved again this year and the new town has won one or more Tidy Town Awards every year in recent years. Community gardens and allotments are being developed with huge local interest.

Indo Property

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