€45m paid for 32 acres of land

A DUBLIN-BASED property developer has paid €45 million for 32 acres of land on the edge of Waterford site which does not have planning permission.

The land which lies close to the Outer Ring Road is owned by Waterford City Council and was auctioned this week. It is a record price for land without planning in the region and the price paid was double the guide of €22 million. The area is zoned for mixed development.

Selling agent Des Purcell said it was the biggest auction in Ireland outside of Dublin this year. Sixteen different bidders requested legal contracts. Of those, 11 were bidding. Five remained in the race at the end.