A 32-acre plot in Waterford, regarded as the best commercial development site to come on the market in the southeast, has been sold at auction for €45 million.

The site was sold by Waterford City Council and is zoned for mixed-use commercial development. It was bought by Edmond Douglas of Douglas Newman Good Commercial on behalf of an unidentified client.

The site is located at the junction of the Outer Ring Road and Airport Road, and provides approximately 1,000 metres (3280.8ft) of dual frontage.

It can accommodate a mixture of retail, warehousing, leisure, offices, medical and convalescent use, light industrial use, and a wide range of additional general uses, including pubs and restaurants. The four-lane Outer Ring Road opened six weeks ago and is generating substantial traffic volumes.