The 15.89 acres off the M7 would have made at least double its current guide price a year ago, writes Jakc Fagan
WITH THE VALUE of development land hardest hit by the present slowdown in the commercial property sector, an international company is about to test the strength of the market by offering for sale a site of almost 16 acres at the Naas exit of the M7.
Ronan Webster of CB Richard Ellis is quoting a guide price of €16 million for the land which would have made at least double that figure a year ago - based on previous sales. He said the vendors accepted there had been a change in values and were therefore issuing a "realistic guide".
An adjoining site of 15 acres was sold by Magna Donnelly over a year ago for around €30 million and in March Superquinn paid around €25 million for the 5.5-acre grounds of St Patrick's Community College.
The site of 15.89 acres now being offered for sale by Cemex, the global building materials company, occupies a strategic location off the M7 and could be used for a commercial enterprise. It is close to the Globe Retail Park, one of two retail parks in the town, and also to a range of retail and industrial companies.
Its zoning would allow an industrial or warehousing project on the land known as the Concrete Pipes site. The agent says there is potential to generate significant rental income while planning is secured for the site.
A site of this importance would usually be considered either for a shopping centre or a retail park but, with two retail parks competing for business in the town and two shopping centres in the pipeline, there is little scope for developments in either area.
Dunnes Stores is to anchor a shopping centre under construction off the Main Street in Naas while Superquinn's recent purchase of the college lands on the Newbridge Road will allow them to build a full scale shopping centre. Tesco also plans to open a large store in Naas, having bought a site at Monread Road, off the Dublin road. The issue of planning is before An Bord Pleanála.
The rapid expansion of shopping facilities in Naas comes after a steady growth in its population to almost 20,000 and plans for more housing over the next few years. This has been helped by its good road network and its range of business, shopping, education and leisure facilities.
