A substantial redevelopment site on Belgard Road in Tallaght, Dublin 24, bought during the property boom by a company headed by developer Bernard McNamara for €52 million, is back on the market at €6.95 million.
Agents Knight Frank are handling the sale of the 8.6 acre site formerly owned by Uniphar pharmaceuticals group, which includes a large detached warehouse and a separate self contained office block.
The sale is being carried out on the instructions of Declan McDonald of PwC who was appointed receiver to Varleigh, a McNamara company.
While the zoning on the site will allow for a large number of schemes to be considered, the likelihood is that it will be used for either retail warehousing or as a standalone supermarket or discount store, according to James Meagher of Knight Frank.
Another possibility is that it will be used for a speculative development of retail warehouses which will be available to rent. The site is well located fronting on to the busy Belgard Road immediately south of the Belgard retail park and within half a kilometre of the Luas service.
The Tallaght Institute of Technology is located close by, as is Burger King and Home Store and More.
The slide in value from €52 million to €6.95 million – a drop of 86 per cent – is one of the most significant in the Dublin area since the collapse of the property market.
