DevelopmentSite: One of the best residential land holdings to reach the market in the south-east for some time goes up for auction on June 22nd.
The landmark 32-acre holding sits in a major residential area at Grantstown, some 2.5 miles from Waterford city centre on Dunmore Road. Selling agent Sherry FitzGerald Purcell is quoting a guide of about €11.5 million.
The Dunmore Road area is a key commuter belt residential location serving the city and, over the past 30 years, it has grown to accommodate about 20,000 people in a variety of developments.
The holding, which is zoned residential and fully serviced, is bounded on all four sides by completed developments. The property is likely to accommodate a development of between 400 and 500 houses, subject to appropriate planning.
Densities in nearby estates range from six to the acre at Grantstown Village to about 14 per acre on the almost completed McInerney Farmleigh development. This latter scheme comprises a range of house types from two-bedroom terraced to four-bed detached units.
Immediately adjoining developments include the Village, the Anchorage, Booterstown, Granstown Village, Williamstown Village and Farmleigh. Waterford Regional Hospital, Tesco, Lidl and Ardkeen Shopping Centre are all nearby and Water Park, De La Salle and Newtown Schools are within easy reach. The Waterford Outer Ring Road currently under construction is located about three-quarters of a mile from the 32-acre holding.
On completion, the new road will link the Dunmore Road through to the Tramore Road, Cork Road and ultimately the proposed new Waterford city bypass.
Sherry FitzGerald Purcell is handling the auction, which takes place at noon on June 22nd at the Tower Hotel in Waterford. "The site represents one of the best residential development opportunities to come to the market in the south-east in recent years and is expected to attract strong interest from major house builders and developers," says Des Purcell of the selling agents.
The prime location is likely to serve as a magnet for developers from across the State and not just those local to Waterford.
It sits within an established residential area and promises sufficiently high densities to push well past the guide.
