€24k/ac for parcel of as-yet unzoned land in Co Kildare

HOPE, value and hedge funds were in evidence last week when two solicitors bought two parcels of land adjoining the industrial parklands of Naas in Co Kildare.

A 58ac portion made over €15,000/ac while a 48.75ac portion made a staggering €1.175m or €24,000/ac. Neither parcel is currently zoned for development but auctioneer Paddy Jordan believes the purchasers appear to think that will change in the future.

Both holdings are situated between Naas and Newbridge with easy access to the M7, M50, M8 and the M9. The lands are also close to Naas Enterprise Park, the M7 Business Park and Newhall Retail Park.

The 48.75ac parcel at Mooretown is directly opposite Naas Enterprise Park and made up of top quality lands. The parcel is currently in arable use and laid out in four divisions with extensive frontage on to the R445.

This opened at €600,000 and bidding came so fast and furious that when it went on the market at €900,000 the bidding continued uninterrupted and the hammer fell at €1.175m when a solicitor from Cork won the day for his client.

The second holding is a residential parcel comprising 58ac of lands at Ladytown. Currently in grass and laid out in seven divisions, the parcel has frontage on to the R445 and also to a local road. The residence, a three-bedroom bungalow in need of renovation, is included in this section.

The parcel opened at €800,000 and attracted three bidders until it went on the market at €900,000 and sold at that to a local solicitor.

Paddy Jordan was delighted with the auction and while the land was for sale without zoning he agrees that there was certainly interest from non-farmers. “I would say that hedge funds and pension funds were certainly represented in the room and were actively bidding,” he said.