Cookstown Industrial Estate units sold in region of €19m

A COLLECTION of industrial units in Cookstown Industrial Estate, including part of the site of the proposed Cookstown Castle SHD, have been sold.

As previously reported in The Echo, the units went on the market with an expected guide price in the region of €19.6m last October.

The Echo understands that other properties in the area are transacting for approximately €130 per sq.ft., meaning the Cookstown site has the potential to get a price within the region of €19,630,000.

The 151,000 sq.ft. site comprising seven units was brought to the market by Cushman & Wakefield Dublin in early October, and the entire site will be sold with vacant possession.

Part of the site includes the former location of the proposed Cookstown Castle SHD.

sold: The site in Cookstown Industrial Estate with the ‘sold’ signs outside the premises

The plans for the development, which were lodged by Joseph Costello Absolute Limousines, consisted of 1,104 build-to-rent apartments, but were refused permission by An Bord Pleanála last July.

The appeals board said the development would set “an undesirable precedent” and would be “premature having regard to deficiencies in the water supply and wastewater sewerage network in the area”.

The site, which was called The Cookstown Collection on the property listing on Daft.ie, was for sale by private treaty.

The Cookstown area has been the focus of numerous planning applications for apartment developments in recent years, including the permitted development of 252 build-to-rent apartments at 66 and 67 Fourth Avenue, and a 196-unit residential development at Units 5A-C on Second Avenue.

However, the subject site that has been sold, which is separate from the permitted residential developments, was described as “a mixed-use portfolio of industrial and office accommodation” on the property listing on Daft.