A private Irish investor has acquired a 129-acre land holding at Dunsoghly in north Dublin for €3.35 million. The price paid represents a 26 per cent discount on the €4.5 million agent Knight Frank had been guiding when it offered the property to the market in October of last year.

While the lands, which are located a kilometre from the grounds of Dublin Airport and 6.5km from the airport terminal, are agricultural and laid out in tillage at present, the new owner is likely to look to have them rezoned in the future. The selling agent marketed the lands on the basis that they are ideally positioned to benefit from a rezoning to industrial and logistics use.

The entire holding is zoned Objective Green Belt under the Fingal Development Plan 2023-2029. The aim of this designation is “to protect and provide for a greenbelt”. About 75 acres of the lands are located outside the Airport Public Safety Zones. The limited supply of lands outside this zone but near Dublin Airport enhances the strategic significance of the property, according to the selling agent. In terms of its accessibility, the land is near the N2, which connects with the M50 and wider motorway network.

The buyer of the Dunsoghly lands was represented by Ollie Lyons of JLL with the sale being handled by Evan Lonergan and Finín O’Driscoll at Knight Frank.