Monday 18 August 2014

Maynooth Land Sells for €2.62m at Auction

Land with development potential in Maynooth has sold at auction for €2.62m. The auction, which was handled by Savills and REA Coonan, took place at the Glenroyal Hotel in Maynooth, and attracted a significant number of interested parties.
The 2.23 ha (5 acres) site fronts onto the Dunboyne Road and is located within walking distance of Maynooth Town Centre. The site overlooks the Lyreen River. A recently completed feasibility study by the sellers highlighted the suitability of the site for an attractive low density development of up to 50 houses.
The land is zoned as ‘New Residential’ under the Maynooth Local Area Plan 2013-2019. The zoning objective states that housing is the primary use within this objective. The zoning also allows for uses including recreation, education, crèche/ playschool, clinic / surgery uses and sheltered housing.
The joint agents, Loman Dempsey of Savills, and Will Coonan of REA Coonan were of the opinion that this very well located site beside the town was always going to attract strong interest and this was reflected in the sale price achieved. “The development land market is very buoyant at the moment. There is increased demand for new homes but a significant shortage of product coming to the market. To meet this demand, builders and developers are now beginning to seek good quality sites with housing potential in the right locations.”  comments Will Coonan of the joint agents.