Ashbourne landbank of 228 acres for over €60 million

DevelopmentLand:Although not zoned for development, a large tract of land near Ashbourne has development potential, writes Jack Fagan

One of the largest tracts of land with development potential to come on the market for some considerable time goes for sale today close to Ashbourne, Co Meath.

Joint agents Ganly Walters and Gaynor Corr & Associates will be looking for over €60 million for 92.35 hectares (228.19 acres) - equating to a strong price of €263,000 per acre - which straddle the new N2 bypass linking Dublin to the north-west and the R125 Ashbourne-Ratoath road. Around 96 per cent of the site is located on the town side of the bypass.

It is being sold on behalf of the Mooney family who have farmed it for many years. Although currently in tillage use and unzoned, the selling agents contend that it "is expected to be rezoned in the not too distant future". It adjoins the Ashbourne development area boundary to the north.

Meath County Council is apparently in a position to invite zoning submissions for the revised local area plan. With only 13 hectares of residentially zoned land remaining undeveloped in the town, the council is expected to come under pressure to rezone more land.

"The planners are therefore expected to regard this new land coming on to the market as a good opportunity," say the selling agents.

Supporting their case, they point out that 1.5kms of the northern boundary of the land going for sale runs along the Ashbourne development boundary. The adjacent lands to the north (51.7 hectares) are the subject of the 2003 Killegland/West Ashbourne Action Area Plan which envisages further development to the west of Ashbourne.

Planning permission has already been granted for 458 homes and the service road has been extended to facilitate local residents. This road will be continued on to the land going for sale.

The Mooney land is ideal for development because of its layout and level terrain. The River Broadmeadow, being developed as a linear park, runs through the north-western end of the site.

Mark Smyth of Ganly Walters says that, even though the land has not yet been rezoned, there should be no shortage of bidders for it.

"The fact that it lies adjacent to Ashbourne town centre and a high density residential scheme, as well as to industrial parks, schools and amenity areas, including the new GAA grounds, will add greatly to its potential investment value."

Meath County Council's current development plan sees Ashbourne as a "strategic location for additional growth on the basis of its proximity to Dublin (10 miles from O'Connell Street), its economic and employment base and its location on the N2 Finglas-to-Ashbourne dual carriageway".

The site goes for sale by tender on May 31st.