A large land bank fronting on to the M50 in north Dublin, the planned setting for the multimillion euro Abbottstown Business Park, looks set to become one of the most important distressed industrial land sales since the collapse of the property market.
Joint agents Kelly Walsh and Harvey & Company are guiding €6 million – less than €100,000 per acre – for the 68.58 acres (27.75 hectares) at Finglas/Ballycoolin which was apparently valued at close to €1 million an acre during the boom. Industrial sites in Dublin's outer suburbs as well as in many provincial areas have experienced exceptional falls in values since the various banks have begun putting pressure on owners to start selling them off.
In this instance Bank of Scotland were bankers to Stadium Developments which secured planning permission for a mixed use industrial/warehouse/office park in an area with extensive commercial zoning under the Fingal County Council Development Plan.
The proposed park is accessed off a new roundabout on the Cappagh Road where there has been numerous industrial developments over the last decade. An adjoining site on the edge of the M50, owned by Fingal County Council, was earmarked for a station on the proposed Metro North Dart line.
The Fingal Council originally granted planning permission in 2006 for a mixed use scheme extending to 76,115sq m. A year later An Bord Pleanála ruled that a number of units should be omitted and changed the use of some buildings from office to light industrial. The overall planning permission to run for 10 years cleared the way for 27 buildings, two of them offices with floor areas of 13,032sq m, 14 light industrial/warehouse buildings, seven blocks of starter units and four blocks of business units.
