€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.

Mr Purcell said it will probably take two years to get planning on the site and it may take up to ten years for the site to be developed, given its site.

“Retail warehousing has been planned there - big box retail. The smaller, white goods stores, can also be developed there.

“It is believed that this city is ripe for a Ben Dunne-style leisure centre. Virtually all others are attached to hotels. There is a feeling that something related medically to the hospital may go there,” he added in a radio interview.

But the cash windfall for the local authority will not impact on this year’s estimates. The money will instead be pumped into the capital budget which finances infrastructural projects in the city, according to city manager, Conn Murray.

“We will be using this money to ensure the further growth of the city,” Mr Murray said. “The city council has been very ambitious in its development of the city and this type of investment is the fruit of that labour.”