Enniskerry mixed-use landbank on 55 acres for €23m

A substantial land holding on the western side of Enniskerry village in Co Wicklow will be of interest to many leading housebuilders when it goes on sale from today on behalf of Nama.

Donal Kellegher of Cushman & Wakefield is guiding €23 million for the planned mixed-use site, which extends to 22.26 hectares (55 acres) at Glencree Road beside Enniskerry GAA grounds and with superb views to the coastline, Bray Head and Sugar Loaf Mountain.

The land was bought by a subsidiary of Treasury Holdings for about €30 million just before the property crash in 2008 and is now to be sold again on the instructions of receiver Declan McDonald of PwC.

The full land bank going for sale has a mixture of zonings under the Enniskerry Town Plan and an Action Area Plan

Enniskerry village is in an area of considerable natural beauty, a much-sought-after residential resort only 5km west of Bray and 18km south of Dublin. The valley settinghas few development sites of scale to accommodate new housing communities.

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The land now for sale at Kilgarron Hill has the potential to deliver a mix of new housing types to meet the demand from locals and others keen to move into the area.

The full land bank going for sale has a mixture of zonings under the Enniskerry Town Plan and an Action Area Plan. About 20 acres are zoned for housing, 2½ acres have been identified for enterprise purposes, and a further three acres have been found to be suitable for a school. The remainder of the land, 26 acres next to Knocksink Woods and Glencullen river, do not carry any zoning.

The vendors have already agreed in preplanning discussions with An Bord Pleanála that the residential site could carry 185 homes. This will enable the next owner to open discussions directly with the planning appeals board on what is called a Strategic Housing Development. Three-, four- and five-bedroom houses on site would be expected to sell for €425,000-€700,000.

Cushman & Wakefield is to sell the 55 acres by way of licence agreement, which will allow the successful developer to pay a deposit on house sites and stagger the remaining payments until the dwellings have been completed and sold.

Nama has been particularly successful at offloading housing sites on a licence basis in recent years.