Housing site on market for over €4m

A housing site directly opposite Airside Business Park near Swords, Co Dublin, and valued at between €12 million and €14 million before the property crash is back on the market at over €4 million.

James Meagher of Knight Frank is handling the sale for Simon Davidson of HWBC Allsop who was appointed receiver by Ulster Bank. The 10.8 acres at Fosterstown, zoned for residential use in the Fingal County Development Plan 2011-2017, is likely to accommodate between 100 and 150 houses.

At that valuation sites would work out between €27,000 and €40,000 per unit. With family homes again in short supply, it is almost certain the land will be put to that use. However, it can also be used for education purposes or as a site for a supermarket.

Metro North was due to have a stop at Fosterstown to facilitate a high-density development. Meagher says the shelving of Metro North opened the way for a more traditional and marketable medium density development over the short to medium term. There was also the option of incorporating a retail/convenience offering.

Jack Fagan

Jack Fagan

Jack Fagan is the former commercial-property editor of The Irish Times