€1.5m industrial development site in busy Midwest employment hub up for grabs

The land parcel is close to where pharma giants Lilly and Regeneron have major operations

A prime industrial development site at one of the Midwest’s most significant high-value employment hubs has come to market at Raheen Business Park in Co Limerick with a guide price of €1.5m.

The 1.01ha (2.5a) land parcel is close to where pharma giants Lilly and Regeneron have major operations. The property has the benefit of a recent grant of planning permission for two high bay warehousing units and associated offices, extending to 5,200 sq m/55,972 sq ft.

Planning consent was granted in March to applicant Gerry Reynolds, who previously built an extension to the Takumi Precision Engineering premises in the same business park. Permission was granted on appeal to An Coimisiún Pleanála, and the total cost of the planning application was c €500,000.

Strong interest in the site is expected from local, national and international parties given the exceptionally robust combination of companies already established at the business park including pharma, medtech, technology and advanced manufacturing. More recently, the HSE invested €14m in the acquisition of 44 acres (€314,000 per acre) in Raheen to build a new hospital campus, intended to relieve pressure on University Hospital Limerick (UHL) in Dooradoyle.

The site being offered for sale is priced at €600,000 per acre, with the benefit of planning permission. Zoned ‘High Tech/Manufacturing’ in the Limerick County Development Plan 2022-2028, the zoning provides for “office, research and development, high technology, regional distribution/ logistics, manufacturing and processing type employment in a high quality built and landscaped campus style environment”.

Commercial agent David McCarthy of Knight Frank said the subject site, with easy access to the M20 motorway, connecting Limerick to Dublin, Cork and Galway, is “ideal for companies or investors looking to develop a large-scale commercial, industrial, or manufacturing operation in a premier commercial hub which is a proven location for investment, industry and employment.”

Mr McCarthy said there had already been interest from companies in the area, and while he would not disclose names, it’s expected there will be interest from at least one multinational based in the park.

The HSE’s decision to build a new hospital in Raheen will place a major healthcare campus beside a strong concentration of pharmaceutical, medical device and technology employment and the combination has the potential to further strengthen Raheen as a significant life-sciences/healthcare employment cluster in the Limerick region.

The business park received a strong vote of confidence from multinationals such as biologics manufacturer Regeneron, who has invested $1bn in its Limerick facility since it began operations in Raheen in 2015. Given the proximity of the site to Regeneron’s existing campus, it’s conceivable that the multinational may be interested in the property.

Lilly, who has invested $2bn in a major new biopharmaceutical manufacturing operation in Raheen, is also close by.

Raheen Business Park can be accessed via several routes including primary access from the Ballycummin Road off the M20, while the R526 Road provides secondary access to its north western entrance. The park is approximately 7km southwest of Limerick city centre.

Mr McCarthy described the property as “a rare opportunity to acquire a prime fully serviced commercial development site in the highly regarded Raheen Business Park”. The park is fully occupied.

The proposed building was designed by O’Neill Malley Architecture, with a full suite of drawing and plans available on request.

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