Waterford city site with scope for more than 300 homes for €3.25m

The sale of a 28.32 acre (11.46 hectare) Waterford city site zoned primarily for residential development is expected to attract interest from both local and national housebuilders.

Located within the existing Paddocks residential scheme, just off the Williamstown Road, the subject site offers a self-contained greenfield landholding with the benefit of an estate road and existing services in place. The property is being offered to the market by joint agents Cushman & Wakefield and Sherry FitzGerald John Rohan at a guide price of €3.25 million.

The site is predominantly zoned R1 under the Waterford City Development Plan. This provides for low-density residential development. An application for a strategic housing development comprising 324 residential units, a creche and associated works was rejected by An Bord Pleanála in May 2019 on the basis of the proposed scheme’s layout and design. While this proposal was unsuccessful, the joint selling agents say it offers the prospective purchaser a strong incentive to pursue a new application for the same number of units once these issues are addressed.

Both Cushman & Wakefield and Sherry Fitzgerald John Rohan believe there will be a strong level of demand for the asset, given its proximity to Waterford city centre. Several bus routes serve the immediate area, with both the Ardkeen Retail Park and Ballinakill Shopping Centre providing local amenities.