A Dublin-based property company is to pay 60 per cent more than the guide price for what is easily the best development site to have come on the market in Navan in recent years.

The successful bidder has agreed to pay €6.4 million – well above the €4 million-plus guide-for the 7.8 hectares (44 acres) located within the perimeters of the urban area.

The land forms part of the grounds of a large period house, Belmont, home to the Spicer family whose bakery business has closed after 178 years. The land sale had been prompted by the Bank of Ireland.

Joint agents Lisney and Smith Harrington handled the sale of the land which could possibly accommodate 360-400 houses. The new owner is also expected to seek planning approval for a commercial development in return for making about six acres available for a new school.

Another disadvantage is that a sewer will have to be run along the river Boyne to Blackcastle on the opposite side of the town where a pumping station is located.

Navan has little or no industry apart from Tara Mines and is largely seen as a dormitory town.