One of Dublin's leading property developers, Park Developments, has paid a record £36.5 million for a 49-acre commercial site at Carrickmines, Dublin 18. It will have direct access on to the proposed South Eastern Motorway, which is due to open in 2003. The land was recently rezoned for industrial use but the new owners will have the choice of opting for a broad range of developments including retail warehousing, high-tech offices, cinemas and a hotel.

The land was sold by a local family who have been involved in farming for many years. They still have a further 30 acres, which have also been rezoned and are probably worth another £30 million at today's values. The site was sold by private tender through Hamilton Osborne King and Gunne Commercial. It is understood that the underbidder was a consortium led by Paddy Kelly and John Flynn.

With the Sandyford and Stillorgan industrial estates now fully developed, Dun Laoghaire-Rathdown County Council is expected to support plans for a high-quality commercial park on the site, which adjoins the Carrickmines interchange of the South-Eastern motorway.

The motorway will link up with the M50. The sale price is the highest since 110 acres in the grounds of Blanchardstown Hospital were sold over two years ago for £36 million. Paul McNieve of Hamilton Osborne King said Park Developments would work with the planners to create the right mix on the Carrickmines site to capitalise on the instant access to the Dublin motorway system.

Under the terms of the sale, Park will not have to pay for the land for at least 18 months from the date of completing the contracts. Park will have first refusal on the remaining zoned lands if they come on the market within nine years.

Garvan Walsh of Gunne said the price underlines the confidence in the market over the medium to long term.