Large site in Naas for €4.5m

WITH THE value of development land hardest hit by the crises in the commercial property market, an international company is about to test the strength of the sector by offering for sale a site of almost 16 acres at the Naas exit off the M7.

Evan Lonergan of HT Meagher O’Reilly is guiding €4.5 million for the land which was first advertised for sale three years ago at €16 million.

An adjoining site of 15 acres was sold by Magna Donnelly in 2007 for around €30 million and the following year Superquinn paid around €25 million for the 5.5-acre grounds of St Patrick’s Community College.

Property values in Naas remained exceptionally strong during the boom years because of good employment opportunities in the area and the fact that it doubles as a dormitory town for Dublin.

The site of 15.7 acres now being offered for sale by Cemex, the global building materials company, occupies a strategic location along the gateway to Naas town and directly opposite the “big ball” landmark. It is close to the Globe Retail Park, one of the two retail parks in the town, and also to a range of retail and industrial companies. The site has two access points and almost 300 metres of road frontage.

There are two large industrial buildings on site extending to over 9,290sq m (100,000sq ft).

The buildings are in reasonable condition, according to the sales agent, and with some refurbishment could be put back into use.

Existing density on site is relatively low and, because of the good access and layout, the land could easily be subdivided.

A site of this size and importance would normally be considered either for a shopping centre or a retail park but, with two retail parks already pitching for scarce business, Tesco anchoring a new shopping centre on the Monread Road and a second shopping centre on hold in the town centre, there is little scope for more shopping facilities.

However, agent HT Meagher O’Reilly says that under the “enterprise and employment” zoning on the site, possible uses included a petrol station, car sales, offices and industrial buildings.