Commercial Property

Navan site zoned residential sells for €9m

59 acres at Blackcastle could host some 1,100 houses as well as a commercial centre

Blackcastle land outside Navan, Co Meath

Wed Jul 11 2018 - 05:00

A 59-acre site in Navan, Co Meath, zoned for a high-density residential development, shops and public amenities has been sold to Stock Exchange-listed Glenveagh Properties, one of the country’s largest housebuilders.

Glenveagh paid marginally over €9 million – more than €500,000 above the guide price – for the Blackcastle lands, located between the Slane Road and the Kingscourt Road on the northern edge of the town. The site is expected to accommodate about 1,100 houses and a commercial element, which will probably include a supermarket, cafes, a primary school and a medical centre.

The lands form part of the Navan Development Plan, which was originally intended to speed up new housing schemes and open the way to higher densities.

The land was originally designated as the Clonmagadden Valley Strategic Development Zone when the population of Navan was increasing at almost twice the national average.

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Agent CBRE offered the same lands for sale in 2016 but did not attract a single buyer. Since then a number of other infill schemes in the town have attracted buyers, prompting several housebuilders to pitch for the 59-acre land bank.

A large proportion of Navan’s population commutes daily to work in Dublin, availing of more than 40 buses a day to the city and a number of private bus operators.

CBRE