Undeveloped land in Dublin sells for more than €6.15m guide price

An Irish buyer is believed to have paid more than the €6.15 million guide price for a significant land bank at the M1 Business Park in Balbriggan, Co Dublin.

The 157 acres of undeveloped land and the freehold interest in a further 22 acres were initially offered for sale through agent Cushman & Wakefield in September 2015. A sale was subsequently agreed to Dublin Port Company, but it went on to buy an alternative land bank in north Dublin where it plans to relocate low-value activities from Dublin Port.

Treasury Holdings owned the 157-acre park during the boom years but failed to capitalise on its strategic location at Junction 5 of the motorway where it has north and south access and egress to the M1. The park was part of a large portfolio of properties put into receivership when Treasury Holdings, run by Johnny Ronan and Richard Barrett, was wound up in October 2012. The joint receivers for the business park were William O'Riordan and Declan McDonald of PwC.

The M1 Business Park is close to Dublin Airport and has easy access to docklands via the Port Tunnel. This gives it an advantage over many industrial parks in west Dublin based along the N7 and congested M50. However, it is divided by the motorway.

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The 157 acres have a variety of zonings while occupiers in the park include Kube Kitchens, Murdock Builders Merchants and Total Produce.

Given interest from owner-occupiers looking to develop their own premises and very little industrial product under development, it’s possible that the new owner will consider selling the park off in lots.