Partner sought for a Tramore development
A developer is seeking a business partner willing to pay between €1.5m and €2m for a stake in a 165 acre development property in Tramore, Co Waterford.
Developer Dermot Brett has secured masterplan zoning for the development of office, industrial, commercial and residential properties on the site known as Ballinattin, which is located about half a kilometre from Tramore holiday resort and its sandy beach.
It is also about five miles from Waterford city centre.
He has also received permission to build an 1,099sqm industrial unit in addition to some arcadian style, detached houses on large elevated sites. Two existing houses on the land are currently generating €14,000 a year and the land is also generating a farm rental income of €20,000 per year.
With its two houses the land itself is estimated to be worth at least €2m if it were sold for agricultural use. After it was zoned it was valued in 2008 at €42m.
Mr Brett says it would be difficult to place a value on it in the current climate but he is willing to sell about 20pc to 30pc of the equity in the development for between €1.5m and €2m. and is also willing to consider proposals from serious parties.
It currently has two access points and also benefits from south facing elevated views of the sea, as well as a range of services including ISDN and natural gas.
Mr Brett says that the site has potential for housing development due to the popularity of Tramore as a residential commuter area with people working in Waterford.
In addition he points to Waterford as the "intersection point for Ireland's bio-pharma/life sciences and ICT international services industries."
The area has established a strong bio pharma and international services cluster with companies such as AOL, Bausch & Lomb, Taxback.com, PNC Global Services, Equifax, State Street International, Citi Hedge Fund Services, Genzyme, Teva, Servier and GlaxoSmithKline located there.
Currently 65,000 people live in the city and suburbs with another 500,000 living within an hour of Ballinattin and a multi-campus technical university is promised for the south-east.