Huge patch of land for 110 homes in Limerick city on sale for €4m

A HUGE patch of land on the northside with planning permission for 110 homes has gone on the market for up to €4m.

Already, 20 parties have expressed an interest in acquiring the site, which lies just off the Condell Road and adjacent to the North Circular Road.

Cushman and Wakefield has been instructed by the receiver to the former site owner Doublejig, Eoin Ryan, to sell the greenfield area, where planning permission is in place for 88 houses and 22 apartments.

The guide price is between €3.5m and €4m.

Although the land comprises more than 24 acres, houses would only be built on nine of these.

Business sources have indicated permission for more homes on the site is unlikely due to the fact it lies so close to the River Shannon.

A developer has the option to either buy the land outright, or buy on a licence basis.

This would see the developer foot the building cost, and split any proceeds with the receiver upon house sale.

Homes on the site would be expected to realise up to €300,000 in value at current rates.

Northside Fianna Fail councillor Kieran O’Hanlon offered a cautious welcome to the sale, saying: “If people have the money to buy them, I’d have no problem. Developers always set their prices according to the value of land, the value of building. But it is a lot of money.”

In the purchase brochure, Thompson’s Architects has already designed a proposal development.

According to this, the houses will be in a mix of four-bed detached, four-bed semi-detached, three bed semi-detached and three bed terrace.

There will be 22 two bedroom apartments, according to that plan.

Although the planning application for the homes was cleared by council, there were a number of objections.

Some 15 residents objected to the plans, citing fears over anti-social behaviour, traffic chaos on what is a major artery into the city, and the impact on the environment, with the site lying in distance of the Westfields Wetlands.

Across the other side of the Condell Road, there are plans for 50 local authority houses.

These were green-lit by councillors last year.