18 August 2014
Land with development potential in Maynooth has sold
at auction for €2.62m. The auction, which was handled by Savills and REA
Coonan, took place at the Glenroyal Hotel in Maynooth, and attracted a
significant number of interested parties.
The 2.23 ha (5 acres) site fronts onto the Dunboyne
Road and is located within walking distance of Maynooth Town Centre. The site
overlooks the Lyreen River. A recently completed feasibility study by the
sellers highlighted the suitability of the site for an attractive low density
development of up to 50 houses.
The land is zoned as ‘New Residential’ under the
Maynooth Local Area Plan 2013-2019. The zoning objective states that housing is
the primary use within this objective. The zoning also allows for uses
including recreation, education, crèche/ playschool, clinic / surgery uses and
The joint agents, Loman Dempsey of Savills, and Will
Coonan of REA Coonan were of the opinion that this very well located site beside the town was always going to attract
strong interest and this was reflected in the sale price achieved. “The
development land market is very buoyant at the moment. There is increased
demand for new homes but a significant shortage of product coming to the
market. To meet this demand, builders and developers are now beginning to seek
good quality sites with housing potential in the right locations.” comments Will Coonan of the joint agents.