Kingscroft, the Abbey Group's Irish housebuilding division, is understood to have paid about €10 million for a ready-to-go residential development site in the Meath town of Ratoath. The price paid represents a premium of just over 11 per cent on the €9 million agent Knight Frank had been guiding when it brought the site to the market last autumn.
With demand for new homes in Dublin’s commuter belt continuing to outstrip supply by a considerable margin, the developer’s latest acquisition should enable to it deliver a substantial number of units at prices within the Government’s €500,000 Help-to-Buy threshold.
Located to the south of Ratoath town, the site extends to 14.9 acres and has full planning permission for 228 homes. The approval given by An Bord Pleanála in December 2019 provides for the development of 114 houses, 52 apartments in two blocks, 32 three-bedroom duplex units with six blocks with 30 apartments at second-floor level, along with a childcare facility.
The lands are situated adjacent to the existing Broadmeadow residential development and are accessed via the recently-constructed Ratoath outer relief road which offers ready access to the M2 via the R125. The M3 Parkway park-and-ride railway station is within 6.5km providing regular commuter services to Dublin city centre.
Ratoath is well established as one of the capital’s most-popular commuter towns with a population of over 9,500. The town benefits from a wide range of amenities and offers high-quality primary and secondary schools underpinning it as a location for families.