Sold for €13m in 2021, M50 land bank returns to the market with €32.5m price tag

A large land bank at Abbotstown Business Park in north Dublin has returned to the market at a substantially higher price.The site was acquired in 2013 by the State’s largest truck importer, the late Robert “Pino” Harris, for less than the €6 million sought on behalf of receivers, and was then sold on to international investors for more than €13 million in 2021.Now the 27.75-hectare (68.58 acre) holding is seeking €32.5 million through joint agents Savills and CBRE.Located next to the M50 motorway at Cappogue, Dublin 11, the subject holding is zoned for general employment under the terms of the current Fingal Development Plan. The site comes for sale with a positive planning history, with a former owner, Stadium Developments, securing permission in 2006 for a mixed-use industrial/warehouse/office park extending to 76,115sq m (819,294sq ft).READ MOREAn Bord Pleanála subsequently ruled that a number of the development’s units should be omitted and changed the use of some buildings from office to light industrial.The overall planning permission ran for 10 years and cleared the way for 27 buildings, two of them offices with floor areas of 13,032sq m (140,275sq ft), 14 light industrial/warehouse buildings, seven blocks of starter units and four blocks of business units. This permission was extended up to April 2022.The joint selling agents believe the lands represent an opportunity for investors, developers and owner-occupiers to deliver a master-planned commercial scheme, subject to planning permission, in a thriving industrial and commercial district. The subject site is surrounded by a number of established logistics and business parks, including North City Business Park, Dublin Airport Logistics Park and Horizon Logistics Park, and is convenient to Dublin Airport, Dublin Port and the wider national motorway network. [ Dublin’s empty offices: White elephants and grey spaces in the ‘shadow market’Opens in new window ]Paul Nalty of Savills and Garrett McClean of CBRE said: “The Abbottstown lands represent one of the most significant industrial and logistics development opportunities to come to the Dublin market in recent years. “Extending to over 68 acres and directly fronting the M50, the site offers a combination of scale, profile and connectivity. Given the ongoing shortage of large-scale, GE-zoned development land in Dublin, we expect strong interest from both domestic and international parties.”