€2.3m for 92 acres in Meath

A medium to long-term development opportunity for houses and commercial buildings in the little known village of Gormanston on the Meath/Fingal border goes on the market today with the planned sale of 37.14 hectares (91.79 acres) on behalf of Nama.

Jeremy Kelly of agent Kelly Walsh is quoting €2.3 million for the land – equating to about €25,000 per acre – which was originally owned by Noonan Construction and is now the responsibility of Nama.

Little is known how Meath County Council managed to rezone the remote farmland but its latest development plan cautions that it would be premature to develop it before 2019. Gormanston has a well-known secondary school which is no longer fee paying and little else except more green fields and once-off houses. It is located 4km northwest of Balbriggan. The land going for sale is in two adjoining but separate lots and has frontage on to the R132, the former N1 along its eastern boundary. It will be sold in its entirety or in two separate lots, one extending to 16.74 hectares (41.37 acres) and the other of 20.4 hectares (50.42 acres).

The zoning objective from Meath County Council suggests the land should “provide for new residential communities within ancillary community facilities, neighbourhood facilities and employment uses as considered appropriate for the status of the centre in settlement hierarchy”.