Land beside IKEA could fetch up to €3 million

Land beside IKEA could fetch up to €3 million

The site in Ballymun, next to IKEA

A site in Ballymun next to the IKEA store is expected to attract bids of up to €3 million.

The 1.5 hectare parcel of land in North Dublin recently went on the market with estate agents Lisney.

The development site, which is the only one in the area zoned for retail warehousing, is considered prime real estate given its proximity to the world’s biggest furniture trader.

Access to the site is also already in place as the land is located along the road leading to the IKA store and within a short distance of junction 4, off the M50.

The sale by tender on November 15th is being handled by Lisney, who say they’ve already had a considerable level of interest and enquiries from Ireland and abroad.

The site is for sale on the instruction of Ballymun Regeneration Limited (BRL) and Dublin City Council.

According to the sale brochure for the land, it is suited for a high quality retail warehouse development and is a “most attractive development proposition for a wide range of Irish, UK, European, and international retail warehouse owner-occupiers, investors, developers and institutional investors”.

The sale of the land will benefit the area in the future, according to Phillip Maguire, managing director of BRL.

“We hope that whoever buys it will bring good employment opportunities for people in Ballymun,” he told the Northside People newspaper.

“Across Europe large scale retailers trade successfully beside IKEA and the location is zoned for retail warehousing development so it would suit a big retailer.”

The lands are being offered for sale on the basis of a 199-year leasehold title to be transferred on satisfactory completion of the development in line with the terms of the planning permission.

Shoppers at IKEA’s Ballymun store spent almost €2 million a week in 2011. In the same year the company’s global turnover rose from €23.8 billion to €26 billion.

In other countries it is not unusual for retailers to ‘piggyback’ on the success of IKEA by trading alongside its outlets.

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