Another substantial redevelopment site has come on the market at Tallaght in Dublin 24. The former Fruitfield jam factory on 11.7 acres fronting on to the Tallaght by-pass is for sale for €4.25 million through Garrett McClean of CBRE and Philip Harvey of William Harvey & Co.
The sale is being undertaken on the instructions of Kieran Wallace of KPMG who was appointed receiver to the Westport Investment Property Fund by Bank of Scotland (Ireland).
About half of the overall production facility and offices extending to 13,885sq m (149,457sq ft) have been let on a short-term basis to Heatons and Associated Rewinds and are currently producing an annual rent of €340,000.
The site has 249 metres of frontage on to the by-pass and, though it has an industrial zoning, the general expectation is that the planners will want it to be used for retail, offices or apartments because of its prominent position and its location beside the mixed use Arena development.
Green REIT recently acquired that scheme which includes the Maldron Hotel, Woodies DIY and Lidl together with modern offices and apartments.
The Square shopping centre and a variety of LUAS red line stops are also located close to the site.
The joint selling agents say that they expect there to be strong interest in the site from both owner-occupiers and investors or developers given the competitive pricing of the asset.
In addition, the site had substantial scope for alternate uses having been earmarked for higher density redevelopment under the most recent Tallaght Town Centre local area plan which envisaged some element of residential development.
Meanwhile, agents Knight Frank are reporting good interest in another redevelopment site of 8.6 acres on the Belgard Road in Tallaght which is on the market at €6.95 million. It was bought during the boom by developer Bernard McNamara for €52 million.
