A large land holding on the edge of Kilkenny city, bought before the property crash by developers Paddy and Simon Kelly for a figure believed to be more than €20 million, is back on the market at €2.25 million.
Joint agents Cushman & Wakefield and Sherry FitzGerald McCreery are handling the sale for receivers appointed by Nama. They expect competitive bidding for the 13.2 hectares (32.561 acres) located around Robertshill, 2km west of the city centre.
A large proportion of the city's housing has been concentrated in the past on the southeastern region because of a convenient road system. But Kilkenny County Council has long identified the western region as having the potential to accommodate the future expansion of the city.
Houses and apartments
Though the land for sale is predominantly zoned for a mixed-use development, indications are that it will be used primarily to accommodate in excess of 300 badly needed houses and apartments.
Kevin Leonard of Cushman & Wakefield advises that the site’s development potential will soon be unlocked by the planned extension of the Circular Road through the land bank. The cost of the extension will be partly funded by new Local Infrastructure Housing Activation Fund, he said.
Peter McCreevy of Sherry FitzGerald McCreevy said he expects interest from local as well as national development companies because of the large number of buyers eagerly awaiting an opportunity to buy homes in Kilkenny city, where there has been no significant developments for more than a decade.
