Waterford centre cheap at the price

BUILT as a neighbourhood centre, for a planned new mixed-use and neighbourhood development of around 600 houses, and for a road that never came, a Waterford suburban development is for sale for just €10 per square foot — cheap if you have a use or a plan for it.

Finished to a shell and core state, the newly-built neighbourhood centre Ross Abbey at Rathculiheen, Ferrybank on the Waterford-Kilkenny border comes to the market for receiver/manager Tom Kavanagh of KavanaghFennell, via sales agent Desmond Purcell.

There is 55,000 sq ft space in all, over two floors with about a 32,000 sq ft of retail space in 13 units, plus shell and core overhead office suites, etc., totalling 22,000 sq ft.

The site is 2.35 acres and is located three miles from Waterford city centre, and a mile from Ferrybank village, off the N25 Waterford/New Ross road. Another Ferrybank retail centre was the subject of court proceedings last year between the developers and Dunnes Stores, after Dunnes failed to take up occupancy of the centre, which was completed in 2009: Dunnes was ordered to pay €20m to the developers, Holtglen.

The Ross Abbey neighbourhood complex was built by a Galway-based developer, while Cork-based developers Rossdale were among several other firms eyeing up building opportunities in the general area and had plans for several hundred houses in the vicinity, on 70 acres in the significant Ross Abbey development.

Though he doesn’t specify possible alternative uses for the Ross Abbey centre, site and parking for 80 cars, selling agent Des Purcell says there’s potential here, especially at the €575,000 asking price.

There are two primary and secondary schools close by, and employers in the general vicinity include Waterford Proteins, AIBP and Waterford Port at Bellview.

Details: Purcell PropertyTel 051-876514