83 acres of zoned residential lands new to the market near Waterford city

Waterford lands at Kilbarry which had been at the centre of protracted legal and lending dispute with AIB, involving a €25 million loan to speculators have been put for sale, with zoning secured for residential development, and with a €3 million price tag.

There’s 83 acres of what’s currently farmland now being offered to the market two miles from Waterford city centre, in one or more lots, via joint agent Des Purcell of Purcell Properties, and Halley Grace.

It’s just by the outer ring road, near residential developments such as Templar’s Hill, Carrig an Ard and Lacken Woods, as well as Tesco’s Kilbarry store, and a Musgraves Cash and Carry.

The vast majority has zoning for residential development, with a portion having been ear-marked for a community facilities.

It was sold by a local family, the Halleys, in 2006 prior to the grant of planning, with the intention of flipping it for as much as €70m once planning was granted, with two main investors each putting up €2.5m in deposit, with AIB as lending bank for the balance.

The sale price now values the land at €36,000 per acre, while local farm values are in the region of €10/12,000 per acre.

The land will have additional value in time as housing demand recovers, and a likely target market once values recover also.

The 83 acres has services to hand, and currently is used for a mix of grass and tillage.

The joint selling agents say it is also close to centres of employment on the Cork Road, such as the WIT, with up to 10,000 students, and Waterford Industrial Estate which employs 5,500.

“The lands are high profile and afford considerable potential, with extensive frontage and are ideally suitable for a mixed density residential development.

The location is attractive and in close proximity to schools, city centre and major centres of employment,” say the agents.

Details: Purcell Properties, 051-876514; Halley Grace, 051-875187