WITH THE commercial property industry in the doldrums, developers with access to cash are increasingly looking for bargains.
Agent CB Richard Ellis says a site with town centre zoning in Nenagh represents particularly good value at this stage. It extends to 2.3 hectares (5.7 acres) and, though the agency is quoting a guide of €3 million, the selling price will be determined at an auction on June 24th. Two years ago it would have made at least double that valuation, according to CBRE.
The landbank is on the Thurles Road about 400 metres south of Nenagh’s core retail area. It is also about 1.5kms north of the N7 Nenagh bypass and adjacent to the proposed new orbital road that will link Thurles with the Silvermines Road.
The site is opposite Nenagh train station which handles frequent daily services to both Dublin and Limerick. It is also close to St Joseph’s Hospital.
As well as the town centre zoning, the land has also been designated as an “opportunity site”, giving it scope to be used for a variety of developments which would enhance Nenagh. CBRE says that the town has a shortage of quality convenience and comparison retail space.
Wesley Rothwell of the selling agent believes the best prospect for the site would be a high quality mixed-use scheme. “In the current economic climate a number of retailers are bucking the trend and trading well despite the perception in the market,” he says.
