83-acre residential site on edge of Waterford city for €3m

A large residential landbank on the edge of Waterford city is new to the market this week at €3 million through joint agents Purcell Properties and Halley Grace.

It was originally acquired at the height of the boom in 2006 for about €26 million and rezoned in 2009 but, by then, the market had crashed.

A subsequent three-year legal battle between the buyers and AIB was adjudicated upon in the Supreme Court in January 2014 where the bank secured a €26 million judgment against the buyers for a loan given in 2007.

Virtually all the 83 acres at Kilbarry are zoned residential while a small proportion is zoned for a “community facility and open space”.

The lands, which are in a mixture of grass and tillage, are two miles from the city centre just off the outer ring and Tramore roads. Nearby is Musgraves Cash and Carry and Tesco Kilbarry while a string of successful residential schemes, such as Templars Hall, Carrig An Ard and Lacken Wood, have been built nearby.

“These high-profile lands are ideally suited to a mixed-density residential development and have considerable potential and road frontage,” according to the agents.