Developers and investors looking to secure a site with the potential to deliver a large-scale residential scheme within the greater Dublin area (GDA) may be interested in the opportunity presented by the sale of a 40-hectare (98.84-acre) land bank on the outskirts of Dundalk, Co Louth. The subject holding at Mount Avenue is offered to the market by Sherry FitzGerald Commercial in conjunction with local agent Sherry FitzGerald Carroll at a guide price of €12 million. The sale is being conducted on the instruction of receiver Myles Kirby.
While the lands do not have planning permission in place at present a feasibility study prepared by O’Mahony Pike Architects in advance of the sale suggests they could accommodate between 800 and 1,000 homes subject to the necessary approvals.
The selling agents note that the recent adoption of the Sustainable and Compact Settlement Guidelines will allow potential purchasers to deliver a mixture of unit typologies that are in high demand amongst homebuyers on the lands. Some 71.66 acres of the site’s overall area are zoned “Objective A2 – New Residential Phase 1″.
The site will also benefit from the ongoing upgrade of the infrastructure and services on Mount Avenue, which is being funded by the Local Infrastructure Housing Activation Fund.
Corkman leading €11bn development of Battersea Power Station in London: ‘We’ve created a place to live, work and play’
Sherry FitzGerald CEO Steven McKenna to leave firm to ‘explore new opportunities’
Pubs: Devitt’s on Camden Street biggest sale of the year in resurgent market
Industrials: Tough year but rebound on the way
The lands, which are greenfield, have significant frontage on to Mount Avenue and have the benefit of easy access to Dundalk town centre via the N53 which runs along the northern boundary of the lands. Dublin city centre is about a one-hour commute via the M1 motorway which is located 500m to the west.
Kevin Leonard of Sherry FitzGerald Commercial and Brian Carroll of Sherry FitzGerald Carroll say: “We expect considerable demand for the asset given its prime location and potential to deliver a residential development of scale in a proven location.”
