Approximately 180 direct development land sales transacted in 2016, totalling €687 million in the four regional centres. In terms of value, direct sales were moderately lower compared to 2015, when approximately €721 million worth of sales were completed. However, the volume of transactions in 2016 recorded an increase of 15 per cent, year on year. Activity was concentrated in the GDA, where just over 130 direct transactions were recorded, totalling €640 million. Outside of the GDA, Cork dominated transaction activity with approximately €33 million worth of sales recorded in 2016.
However, direct sales do not include an exceptional company/land portfolio sale of Argentum Property, achieving €105.6 million in quarter two. The land portfolio comprises 164.5 acres of residential land across six sites in the GDA. When combined with direct development land transactions, the overall value of development land sales reached a notable €792 million during the twelve month period.
Other key transactions include the 18 acre commercial site, Q3 at The Park, Carrickmines, Co Dublin, which achieved in excess of its guide price of €45 million, and the Albany Portfolio, comprising approximately 128 acres across six sites in Kildare and Dublin, which achieved in excess of its asking price of €44.7 million.
2016 ended with a robust sales pipeline, with the total value of development land for which a sale was agreed estimated to amount to in excess of €220 million in the GDA, Cork, Galway and Limerick at the end of December.
Supply levels improved over the course of the year, however, the availability of well located, ready to go residential development land remains a persistent problem in the four regional centres.