News

Huge €8m development opportunity comes on market

One of the largest ever development opportunities in Waterford is set to come onto the market.

45 acres of zoned opportunity land is to be sold at the Ard Ri Site in Waterford City - and will be marketed locally, nationally and internationally.

The land will go at a price of €217,000 per acre, equating to €8-9m should interested developers purchase both plots.

The lands were bought by local businessman Seamus Walsh in 2017.

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The house and adjoining lands are approximately 45.146 acres, located north of the River Suir within a 3 minute drive from Waterford city centre. The subject land is approximately 1.3km from Waterford city centre, just off Dock Road. There is also an entrance off Rockshire road just before Waterford Golf Course.

The site will be adjacent to the North Quays development and new train station.  The site is surrounded by existing and developing residential sites along Rockshire Road. The south eastern section of the land is highly elevated and rests over Waterford’s Plunkett Train Station as well as overlooking Waterford City and the River Suir.

Selling agent, John Rohan of Sherry Fitzgerald Rohan, told WLR that this is fantastic news for Waterford.

"This is land that can be developed for housing. It's a positive move for Waterford. It's a positive decision. We will get developers locally, nationally and possibly internationally coming in here wanting to develop this. There is a demand for housing for Waterford. Such a block of land has never come up - ever."

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Rohan says Mr. Walsh believes that this is the right time to put the land on the market.

"He thinks this is the time to put the land on the market, to maximise it's value. He feels the potential is just phenomenal. He's right, we've never had such a large site coming to the market in one lump sum. We're dividing it within two different lots. There may possibly be two different developers purchasing, or all will be sold to one developer. We're putting a guideline price on the zoned opportunity site at €217,000 per acre."

From his own side of the coin, Rohan is thrilled to be able to bring the opportunity onto the market.

"We're delighted to have it, and to be able to bring it onto the market. It's probably one of the largest sites to come on the market in Waterford at circa. 45 acres. We feel there will be good interest in it. The views on the site are simply phenomenal, and we're really hopeful that it will sell."

A fire in 2005 meant the Ard Ri hotel, overlooking Waterford City, closed for good. The hotel was bought by Cork businessman Tom Coughlan in 2006 and plans were submitted for a new hotel, apartments and nursing home but the development never went ahead. A further fire in 2010 led to calls for the hotel to be knocked. Plans for the building to be turned into a giant clock also fell by the wayside in 2011 however it was covered up with white panels to make it look more appealing.

A third fire soon after burnt through the white panelling and the damage remained until the entire building was turned into a giant mural created by artist Joe Caslin as part of the Waterford Walls festival.

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