Close to €4m worth of land capable of accommodating an estimated 500 homes has arrived on the market in Limerick, paving the way for major residential development not far from the city centre.
The lands, which were transferred to NAMA and are now the subject of a €3.8m receiver sale by KPMG, are at Clonconane, along the Old Cratloe Road and immediately adjacent to the proposed Limerick Northern Distributor Road (LNDR).
James O’Donovan of Savills, who are handling the sale on behalf of KPMG, said the land represents “a superb development opportunity ... on the edge of Limerick city”.
“A development opportunity of this scale and location is a rare occurrence in one of Ireland’s major cities,” Mr O’Donovan said.
“As a result, we anticipate a good level of interest from developers both locally and nationally as this provides them with an ideal opportunity to acquire a large landbank capable of accommodating a residential development of scale next to a superb infrastructural network,” he added.
The landholding comprises a greenfield site approximately 4km north west of the city centre. Mr O’Donovan said that, in its entirety, the land extends to approximately 49 acres and is made up of a number of smaller parcels of land. It is available to buy as a whole or in lots.
“As it’s naturally dissected by the Old Cratloe Road, it makes sense to offer it in one or more lots,” he said.
The majority of the land is zoned for residential development, with a “small portion” zoned for open space and another small segment zoned for a neighbourhood centre.
The site is situated in an area that has been earmarked for substantial infrastructural upgrade works, some of which has already taken place.
For instance, work is already underway on the route for the LNDR which will provide an urban style carriageway between Coonagh Roundabout and Knockalisheen Road.
Mr O’Donovan said the development of the LNDR “will change the landscape of this side of the city and will help maximise the development potential of the site”.
The lands, he said, are “capable of accommodating in the region of 500 residential dwellings and potentially in excess of that”.
The site is within close proximity of a number of local and retail amenities which Mr O’Donovan said will be seen as “a major plus by builders and developers”.
Moreover, the topography is level throughout, he said, “which will assist in keeping construction costs down”.
He described the area surrounding the lands as “predominantly residential in character”, with mature estate-type developments such as Shannonvale to the east and smaller niche developments such as Willow Grove to the west.
The lands are 25km from Shannon Airport and within walking distance of Limerick Institute of Technology, Thomond Park, and the Gaelic Grounds. Jetland Shopping Centre, where Dunnes Stores is the anchor tenant, is also within walking distance, as is Ennis Road Retail Park which includes retailers such as Woodies and Smyths, and the Vue Cinema.
Limerick City is earmarked for significant regeneration in the coming years, with plans to transform the Colbert Station Quarter, including proposals for up to 3,000 housing units, in a development potentially spanning up to 50 hectares.
Mr O'Donovan said that, as a location, Limerick is widely regarded as the capital of the Mid-West region.
The riverside city is already home to a number of large multinational companies such as Dell EMC, Uber, Analog Devices, Cook Medical, and biotech company Regeneron who were in the limelight this week after their experimental Covid-19 antibody cocktail was used to treat US president Donald Trump.
"It’s not hard to see why Limerick has been the destination of choice for so many international companies," Mr O'Donovan said.
More information at www.savills.ie or phone 021-4906120.