Limerick site selling for €200k per acre

THERE has been strong interest in a 21-acre lot, close to schools, parks and sports facilities in Mungret which has been price guided at €200,000 per acre, writes Jess Casey. 

Recently launched by private treaty, the Mungret site, which is close to Slí Na Manach, has a guide of €4 million. 

Nine of the 21 acres are currently zoned for industrial use. However, according to Savills, the remaining 12 acres on the site carry residential zoning and could take around 35 units per hectare, or 12 homes to the acre. 

A greenfield site with good road frontage, the lot is close to the Raheen Business Park, the University Hospital Limerick and the Crescent Shopping Centre.

“With the well-documented shortage of housing stock, developers and investors alike will welcome the site at Mungret in Limerick to the market, particularly given its superb location,” James O’Donovan of Savills told the Irish Examiner. 

In November, Savills also handled the sale of almost 23 acres of zoned residential land in Castletroy, which was guided at €6.8m. The lot was understood to have sold for €372,000 per acre.

The greenfield site was described as “one of the best residential development sites to come to the market for some time in Limerick”, by Peter O’Meara of Savills, who handled the sale.

He previously told the Limerick Leader it was a “hugely popular residential location given the superb amenities and ease of access to the city centre”.

“We got five bids. We had a mixture of local, regional and national bidders. It went to best bids. It did go well,” said Mr O’Meara. 

Meanwhile, Savills is also handling the sale of the former racecourse site at Greenpark, which has a tender sale date of April 11.

The site, which includes 116 acres could take a major, strategic long-term development with some mixed uses, including up to 800 homes.

The 116.5-acre site at Greenpark Racecourse, which has not been operational since 1999, when the operation moved to Patrickswell is one of the largest mixed-use development sites to be brought to the market in Limerick in the past decade.

Limerick Racecourse, which had been at the site for over 130 years prior to its closure, has hosted several significant events including the visit of US President John F. Kennedy in 1963 and Pope John Paul II in 1979. 

The site at Greenpark is understood to be on the market at a guide price of €12m.