The growing demand for residential development sites in regional cities was firmly in evidence with the recent sale of a 28.32 acre (11.46 hectare) holding on the outskirts of Waterford city. Having been offered to the market last October for €3.25 million, the site was sold for €4.025 million following a competitive bidding process involving several parties. The price paid represents a premium of 24 per cent on the guide price set by joint selling agents Cushman & Wakefield and Sherry Fitzgerald John Rohan.

Located within the existing Paddocks residential scheme, just off the Williamstown Road, the site offers a self-contained greenfield landholding with the benefit of an estate road and existing services in place.

The site is predominantly zoned R1 under the Waterford City Development Plan. This provides for low-density residential development. An application for a strategic housing development comprising 324 residential units, a creche and associated works was rejected by An Bord Pleanála in May 2019 on the basis of the proposed scheme’s layout and design. While this proposal was unsuccessful, the purchaser is expected to pursue a new application for the same number of units once these issues are addressed.

Commenting on the transaction, Paul Nalty of Cushman & Wakefield said: “This deal shows the confidence of developers and investors in Waterford city’s future potential for expansion over the coming years. It also reflects a particular trend we are seeing of premiums being achieved on regional assets for residential development.”