Two Rathfarnham sites near Nutgrove centre sell for £19.4m

Two commercial sites near Nutgrove Shopping Centre, in Rathfarnham, Dublin 14, have been sold to two different developers. Nine acres owned by Avonmore Waterford Estates have been bought for £14 million, while the premises of the Connacht & Court laundry group on 4.8 acres has been acquired by Dunloe Ewart for £5.4 million.

The nine acre-site which has been bought by an unidentified developer is expected to be used for a business park.

Dunloe Ewart has yet to decide what use to make of its site, but it seems likely to consider retail warehousing, offices and possibly a residential scheme. Dunloe Ewart already owns the adjoining site and a 45,000 sq ft store leased by Texas Homecare. The new acquisition will bring its overall site on Nutgrove Avenue up to 9.2 acres.

Hamilton Osborne King handled the sale for Connacht & Court, which is to rent the premises until it finds alternative accommodation. The company is looking for three or four acres or a site with existing buildings which could be converted into a laundry.

The purchase comes a week before the Taoiseach, Mr Ahern, is to officially open the Cherrywood Science and Technology Park at Loughlinstown, Co Dublin, for Dunloe Ewart and Dun Laoghaire Rathdown County Council. The park is located between the main Dublin-Rosslare N11 road and the proposed south-east motorway. British Land has acquired a 50 per cent stake in the 365-acre Cherrywood lands for £33.5 million. The overall master plan envisages 1.2 million sq ft of science and technology facilities. There will be 750,000 sq ft of buildings in the first phase. About 30 acres at Cherrywood is to be set aside for a district centre which will have retail and leisure facilities, offices, hotels, and restaurants. The first building on the site, an office block with 63,000 sq ft has been pre-let to Lucent Technologies.

Although a large part of the Avonmore Waterford site sold through Lisney is covered in industrial buildings, the new owners should have little difficulty in securing permission for a more broadly based commercial development. The planners are understood to favour a commercial scheme rather than housing because of the need to create an income stream through rates for the local authority. However, a small housing element may also be allowed.

The site fronts on to Whitehall Road East and also has a rear access on to Whitebarn Road.

It is understood that at least half a dozen developers tendered for the land, which includes a milk processing plant.