Grandspect Developments has acquired a significant land bank of about 98 acres at Mount Avenue in Dundalk, paying in excess of the guide price of €12 million for the site, which has the potential for the construction of as many as 1,000 homes. The sale was conducted on the instruction of receiver Myles Kirby.
Grandspect, a joint venture between the Maplewood Group and Lydon Group, acquired the site in the face of “significant interest” from parties both in Ireland and Northern Ireland. Granspect’s funding partner is Activate Capital.
Selling agents Sherry FitzGerald Commercial and Sherry FitzGerald Carroll said that the sale of the site in the Greater Dublin Area is a “major boost” for Dundalk and the wider Leinster region, given that it paves the way for the development of about 900-1,000 homes, along with the delivery of ancillary commercial and non-residential services on the lands in coming years ahead.
While the lands do not have planning permission in place at present, a feasibility study prepared by O’Mahony Pike Architects suggested they could accommodate between 800 and 1,000 homes, subject to the necessary approvals.
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Brian Carey, director and head of Sherry FitzGerald Commercial said: “The sale represents an important milestone for the lands and will be a fantastic addition to the town of Dundalk and the wider region. We are looking forward to working with Grandspect Developments over the coming years as the development of the scheme progresses”.
Grandspect said it looks forward to “constructive engagement with Louth County Council and other local community groups, to ensure timely delivery of much needed housing, new communities and sustainable development in Dundalk”.
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