Development Land:Kelly Walsh is quoting an AMV of €7.25 million for a nine-acre site on Ballycorus Road, Kilternan, Co Dublin.
The site, with 280 metres of road frontage on the Ballycorus Road, is for sale by tender on October 4th. Although zoned agricultural, the agent reckons that, given Dún Laoghaire-Rathdown's "very limited options in terms of available agricultural lands in the county", there is "excellent potential" for rezoning in the next county development plan. The plan is due to begin a review in 2008 with potential for the land being rezoned in 2010.
The site is close to the Cherrywood interchange on the M50 from which a direct link road is proposed to Ballycorus as part of the North Bray and Environs land use and transportation study. The site is also adjacent to lands zoned residential - these were rezoned in the last development plan. According to the agent, several developers are building up land banks in the area in anticipation of rezonings and an improvement to local infrastructure. The agent reckons that agricultural land in the area has a much higher potential for rezoning than amenity land.
Amenity land in Kilternan is now achieving €850,000 per acre, with the recent sale of a seven-acre high amenity zoned site in Springfield Lane, off Glenamuck Road. Around 12 acres of agricultural land in Kilternan village recently sold for €1.8 million.
