Development LandDevelopment sites with town centre zoning have been the most sought-after in recent years because of the potential for retail schemes.
CB Richard Ellis believes that, despite the slowdown in the sites market, there will be no shortage of buyers for 2.65 hectares (6.55 acres) in Nenagh, Co Tipperary, which is to go to tender on March 6th next.
The agency is suggesting a guide price of over €12 million for the land which is at Thurles Road, only 400 metres south of Nenagh's core retail area.
The property is also only 1.5kms north of the N7 Nenagh bypass and a short distance from the proposed new orbital road that will link Thurles Road with the Silvermines Road.
Equally important is that the land is opposite Nenagh train station which has frequent daily services to both Dublin and Limerick.
It is also close to St Joseph's General Hospital.
The site is in an area zoned 'town centre' within the Nenagh and Environs Development Plan. The property has been designated as an "opportunity site" in the development plan and one "with the potential to significantly enhance the environment of a town". The development plan also "supports proposals for new retail and other mixed-use development in or on the edge of town".
Nenagh is experiencing a shortage of quality convenience and comparison retail accommodation.
Wesley Rothwell of CBRE says the site offers an exceptional opportunity to develop a high quality mixed-use scheme that may incorporate both retail and residential or a high density commercial development.
