Adamstown lands put on market for €300 million
By Laura Lyne
LANDS in Adamstown are expected to be sold for around €300 million as part of an Ulster Bank portfolio known as Project Clear.
The Project Clear portfolio includes 1,850 acres of residential land throughout Dublin and carries a value of €1.2 billion – it accounts for 17 per cent of all residential zoned land in the wider county area.
It will be broken into three tranches, with Adamstown set to take its place as the “cornerstone” asset in the first tranche.
Estimations indicate that the sale of a landbank in Adamstown will include up to 90 per cent of the 550 acres within the Adamstown SDZ where 1,500 of the expected 7,000 homes have been built.
The homes that have already been built in Adamstown, which in the height of the property boom had at least 12 interested buyers per unit, were developed by Maplewood Developments and Castlethorn Developments.
Any potential buyer of the Adamstown landbank will have to commit to developing a community centre as part of the SDZ before developing any further homes.
An Bord Pleanala rejected proposals from South Dublin County Council back in 2014 for lower density development in the area.
The sale of the landbank in Adamstown is expected to kickstart the continued development of the planned town – the first since the development of Shannon in the 1960s.
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