Arklow town centre site of 6.8 acres to make over €13m

DevelopmentLand: A significant piece of development land has become available in the heart of Arklow Town.

The 2.75 hectare (6.8-acre) site could accommodate 350 residential units plus commercial and will be sold by tender at the end of June.

Selling agent Douglas Newman Good does not offer a guideline price but industry sources suggest the property, which has 100 metres of road frontage and 285 metres of river frontage, will sell in the €13 million to €18 million range.

The property sits in the centre of Arklow, the only Co Wicklow town that still has town centre development lands available on this scale. Arklow is well within commuting distance of Dublin, with a 40-minute, 70kms run up to the M50.

The site already has full planning for a mixed-use development, and is zoned for town centre development to include retail and residential. This planning was granted three years ago however, and since then a new development plan for 2005-2011 has been agreed.

This new plan allows for a substantial increase in density and plot ratios on the site, and it is the express intention of the local authority to "encourage a mixture of high density uses" within the area identified as town centre.

The original planning permission allowed for 135 residential units, including apartments, duplexes and townhouses, plus a five-screen cinema, public library, crèche, doctor's surgery, gymnasium, restaurants and cafés, plus office and retail units.

The agent believes, however, that with the new higher densities allowed, the residential content could be pushed to as high as 350 units while maintaining the commercial element.

This should boost interest in the site considerably, particularly given the demand for modern, good value housing for those ready to commute to work.

The site currently comprises a number of vacant terraced and detached properties fronting the main street, with the balance of the lands free of any building, so site clearance isn't an issue.

Excellent use could be made of the long river frontage for those with a creative touch in terms of architectural design.

The property will go to tender on June 28th.