Retail Site: Navan's rapid growth as a retail centre has led to a sharp increase in commercial land prices in the town.
The higher values set in recent sales has led to expectations that another record may be set next month when a newly rezoned town centre site of three hectares (7.4 acres) goes to tender. Hamilton Osborne King estimates that it should make over €2 million per acre.
Earlier this summer, Woodies raised the stakes in Navan by paying €10.5 million for the 7.5-acre former Navan Carpets factory site, and in July 23 acres for use as a retail park made a surprisingly high figure of over €20 million.
Interest in Navan's new development opportunities has been fuelled by a revised development plan which has rezoned about 10 hectares for town centre use. The land is mainly in industrial use and is located within four road frontages off the Trim Road. The site for sale extends strategically through the centre of the newly rezoned lands and whoever buys it may well hold the key to gaining control of the essential elements of the new development area.
It is being sold by relatives of the late Mr Peter Geraghty who for decades operated one of the largest furniture factories in Navan. That factory has been closed for some years and, though Navan is still identified as a centre of furniture, it no longer employs many skilled tradesmen because of the availability of low cost furniture mainly from the Far East.
Despite the rundown in Navan's manufacturing base - last year it also lost its highly rated carpet factory - the town is already one of the fastest growing in the country and is expected to have a population of up to 60,000 by 2016.
The new town centre land is located near the old railway station where there have been moves to redevelop the Navan-Dublin rail link which closed down in the 1950s.
The issue has not progressed as expected because of indifference by the politicians, despite the ever growing problem of traffic congestion.
Stephen Cassidy of Hamilton Osborne King is forecasting "intense interest" in the site going for sale because of the obvious need for a large regional shopping centre like the one planned for Newbridge.
Navan has a highly successful shopping centre which is currently being enlarged to accommodate a number of leading multiples.
