Site sells for €20m above guide price

A WATERFORD development site sold yesterday for €45 million, €20m above its guide price.

Beneficiary of the 32-acre sell-off by the outer ring road is Waterford City Council, which is expected to use some of the windfall to pay for the road costs, and to buy other land for land bank purposes.

The 32-acre mixed use commercial development site, ideally set for a retail development, among other uses, is on the new Outer Ring Road and by the Airport Road.

It was bought by a Dublin estate agent, Ed Douglas of DNG, in trust for an undisclosed client.

Estate agent Des Purcell of Sherry FitzGerald Purcell said the site could be regarded as “the best commercial development site ever to come for sale in the South-East”, and given that there were over 20 viewings, it showed national confidence in Waterford’s future.

It had a pre-auction guide of €26m, but sold under the hammer at a noon auction for €45m.

It has been designated by Waterford City Council for Mixed Use Development, to include retail warehousing, leisure, offices, pub-restaurants, medical and convalescent use, as well as light industrial.

The land has one kilometre of road frontage to the already-busy four-lane Outer Ring Road, which opened in October.

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