Joint agents Bannon and Sherry FitzGerald Declan Woods are guiding a price of €1.5 million for a 4.78-hectare (11.80-acre) site zoned for residential development on the outskirts of Cavan Town.
Located just 1.2km from Main Street in Cavan town centre, the subject site at Drumalee has two land-use designations within the Cavan Town Local Area Plan 2022-2028. Approximately six acres is zoned Proposed Residential, with the remainder zoned Residential Strategic Reserve.
The local area plan identifies an anticipated average density of eight residential units per acre on the lands zoned Proposed Residential, suggesting the front portion of the site could accommodate up to 50 housing units (subject to detailed design and planning permission). The lands are being sold on behalf of St Patrick’s Trust, which holds the property in trust on behalf of the Diocese of Kilmore.
Drumalee is an established residential location in Cavan Town. The area is well served by amenities including the nearby Loughtee Business Park, which is home to Tarpey’s SuperValu, Cavan Primary Care Centre, Haven Pharmacy and other local businesses. There are several educational facilities in the immediate vicinity, including St Clare’s primary school, St Patrick’s secondary school, Breifne College, Gaelscoil Bhréifne and Cavan Institute of Further Education.
Commenting on the sale, Niall Brereton of Bannon said: “It Is seldom that such a well-situated landholding comes to the market in Cavan Town. As is the case with many other provincial towns, demand for housing in Cavan continues to outstrip supply. The regional planning framework for the area envisages population growth of over 30 per cent between now and 2040. This site will allow developers to bring forward development proposals on an incremental basis (subject to planning consent) to meet current and future housing needs.”
