Key Sandyford site sells well below its guide

From today’s Irish Times

Wow,

Lock up €70 million for “several years”. The opportunity cost right there is around €70m. :open_mouth:

Sound like this site… but doesn’t have frontage
maps.google.com/maps?ie=UTF8&hl=en&t=h&ll=53.276178,-6.205226&spn=0.002143,0.005021&z=18&om=1

This looks like a green…
maps.google.com/maps?ie=UTF8&hl=en&t=k&om=1&ll=53.274578,-6.202775&spn=0.002143,0.005021&z=18

Or maybe they mean this?
maps.google.com/maps?ie=UTF8&hl=en&t=k&om=1&ll=53.273365,-6.20344&spn=0.002143,0.005021&z=18

A related article which I thought was very revealing. So according to the developers the price of sites could fall by 20-30% but the price of houses will not. Hmm …

It still sounds like madness…€20m per acre!! We’ve along way to go yet.

Hmm. Some of those adjoining property owners will be in a boxe seat to sell the developer the required access to what looks like a marooned plot.

Another feaudian slip here:

THey haven’t been talking to Ken MacD, otherwise they would know it is a LATE stage.

This early stage of what? We were told yesterday that we had reached the bottom

Approx 15% (about 20% in real terms) drop in one year, in the ermmm … ‘early stage’.

I guess its best to get the ‘early stage’ because the inguins in dem thar hills will still be asleep when it leaves town. :wink:

Given the rate at which the industrial estate has expanded and the effective carte blanche given by planners for high density developments, it’s perhaps understandable that land in the area has achieved high prices during the boom.

It’s quite a drop. While the sellers still probably made a large profit, it seems that Ulster Bank (RBS) were the real winner when they sold in 2005.

I recall Sandyford industrial estate when there were 5-6 buildings ranging from 2-4 storeys. At the time most professionals would have baulked at the idea of working or living in the area, but of course that was before the arrival of the M50 and Luas. The astute investors who acquired land banks in the area in the 80s and early 90s have mostly cashed in long ago. Even if demand for office/living space in the area continues, those developers who have invested in Sandyford more recently are unlikely see a similar return on their money.

I was in part dealing with one oth the properties right beside the junction of three rock road and Corrig road, it sold for over €22m for just shy of an acre.

the buyer had serious plans for high density. with 1/4 of the floor space being comercial and were looking for 7-8 stories. when all the costings were done he was expecting to own the comercial space outright and two to three apartments that he wanted to sink into his pension fund.

Thank good I don’t work with that guy anymore he might be a touched stressed at the moment.

ireland.com/newspaper/property/2007/0125/1169606418437.html

Well that prediction was a wee bit off the mark. The Sunday Times in a piece entitled ‘Land sales come down to earth’, refer to a report from Hamilton Osbourne King; suggesting that ‘prices for some sites are 20% lower than they were this time last year’.