Residential Land: A company controlled by Co Kildare property developers Gerry Conlon and Dermot O'Rourke has sold a residential site at the Oldtown Demesne in Naas, Co Kildare, for over €25 million.
The purchaser is believed to be a Galway builder who outbid five others for the land, which forms part of the Oldtown Demesne, sold more than five years ago by Major John de Burgh.
UK developer Morrison Homes built about 65 houses on part of the site and may have had an option at one stage on the land just sold by tender through Coonan Real Estate Alliance and Sherry FitzGerald O'Reilly.
Mr Conlon and Mr O'Rourke are also involved in the development of the adjoining Millennium Park, a high quality business campus which has attracted a broad range of tenants, including Kildare Co Council.
The 22 acres have planning permission for 112 apartments, 25 townhouses, and 78 detached homes.
A further site of 5.2 acres with permission for 12 particularly large detached homes is still available for sale, though it is thought likely that the vendors may look for high density on this site.
The strong price paid for the 22 acres underlines the shortage of ready-to-go sites in the Naas area, where there is a particular scarcity of land zoned for development.
A new draft development plan for Co Kildare, due to be published shortly, is expected to recommend the rezoning of a considerable amount of land adjoining Naas.
However, development cannot proceed until additional water and sewerage services have been provided.
