€2.75m Limerick land sale could deliver up to 70 homes in Corbally
DEVELOPMENT land with the potential to deliver almost 70 homes in a popular Limerick City suburb is on the market, with offers in excess of €2.75m sought.
The greenfield site, on the Mill Rd in Corbally, is just over eight hectares (20.3 acres), of which 1.9ha (4.7ac) is zoned 'new residential'.
The prescribed residential density, under the current Limerick Development Plan (2022-2028), is for 35+ homes per hectare.
The remaining land just over 6ha (15ac) — is zoned for public open space.
Last year, development land sold in Lower Park, Corbally, for €485,000 per acre.
Savills, the agents handling the Mill Rd sale, said the residential-zoned land has a number of advantages that makes it ideally suited for housing units.
'This includes access to existing services/infrastructure to facilitate an immediate development, as well as a new development access off Mill Rd, which is being provided as part of the council's Part 8 improvements,' said agents James O'Donovan and Peter O'Meara.
The council has carried out significant improvements to the neighbourhood road infrastructure since the same site came to market three or four years ago.
The land was withdrawn from sale at the time due to concerns about access to the site for development.
Since then, the road has been widened, with other improvements.
Mr O'Donovan said the residential-zoned land could accommodate 66-68 homes.
He said there was 'good interest from lots of parties, including developers,' the last time they brought it to market, and he expects similar this time around.
While the land could cater for a housing scheme — subject to planning permission — a developer could also buy it, put in roads and services, and sell off serviced sites.
The land, which slopes gradually from east to west, benefits from a new access point and has 105m of frontage to Mill Rd.
'It has direct access to services with a wastewater line, watermain, and ESB line traversing the site and readily available for connection,' the agents said.
Mr O'Donovan said they already have offers 'in the region of €2.5m', subject to planning permission, 'but the preference is for an unconditional sale'.
The surrounding area is a mix of mature residential estates such as Brookhaven and The Hermitage to the north and mature agricultural landholdings to the west and to the south.
Large detached stately homes lie to the west of Mill Rd towards its southern end, among them Roseneath House.
The current site sale is of lands that once formed part of the Roseneath House landed estate.
The house itself, along with 0.9 acres, is on the market as a separate lot priced at €900,000 (see next Saturday's Property & Home for details).
Corbally is regarded as one of the more desirable areas of Limerick City.
It's linked to the University of Limerick and the city centre via a riverbank walkway, along the nearby River Shannon. There are a number of primary schools and secondary schools in the area, including St Munchin's College (secondary) and Scoil Íde (primary).
Grove Island shopping complex, with large retailers such as Super Valu and Lloyd's Pharmacy, is a mere 750m walk away. Limerick itself has a strong employment base, and continues to attract interest from multinational companies.
World ICT leaders such as Dell, Analog Devices, and Intel are based in Limerick, while the life sciences sector is flourishing too, with employers such as Regeneron, Biopharma and Ethicon Biosurgery, along with pharma giants Johnson & Johnson, Zimmer, Stryker and Cook Medical.
DETAILS: James.ODonovan@savills.ie T: 0214906120 Peter.OMeara@savills.ie T: 0214906114.
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