City site breaks record as it sells for €4.9m

A 1.3 ACRE site in the heart of Waterford city has sold at auction for €4.9 million – over twice its guide price and a record for the region.

The site at Railway Square was bought at auction yesterday morning by Cork solicitor, James Whelan, on behalf of an unnamed client.

The site was owned by Waterford City Council, which will pump the money back into urban renewal programmes in the city, making it an even more attractive investment location.

The record-breaking sale follows hot on the heels of the sale of 2.6 acres at Waterford Crystal on the Cork Road for 5.3m two months ago. The latest sale translates as €3.7m per acre.

Geraldine Ruane of agents, Sherry Fitzgerald Purcell, said it’s a new record for the city and an indication of how sought-after key properties in the city are.

The site, close to the Tesco supermarket at Poleberry, has both residential and commercial designation. The bidding opened at 1m and the site was eventually sold after 48 bids.

It is the second time in two months that agent, Des Purcell, has broken the price barrier for sites in the city. The price achieved for the Waterford Crystal site set a new benchmark in the south-east for commercial development land.

Mr Purcell said it was a further indication of the extremely strong demand for good sites in the Waterford city area.

“Its designation was of considerable benefit as prime sites with a tax break are virtually non-existent anywhere in the country,” he said. Of the 1.29 acres in the site, 0.9 acres are tax designated.

A spokesperson for Waterford City Council said the €4.9m will be re-invested in the city.