Developments for Dairygold’s property portfolio
Dairygold received the green light for the development of 436 apartments at its site on the Long Mile Road in Dublin. Planning permission was granted by South Dublin County Council on 4 December after the withdrawal of a third-party objection. As well as the 436 apartments ranging from one- to three-bed, the development will also include a community library, a creche, a medical centre and café. The effective area of the site is 1.5ha and the apartments will be in blocks that are six to 10 storeys high. Planning was granted to Watfore Ltd, Dairygold’s property subsidiary.The granting of permission is a significant development for the co-op which has made considerable progress this year offloading its property assets. DevelopmentIn August, Dairygold sold its Creamfields development property in Cork city to Cairn Homes for €25.6m. Watfore had received planning permission in 2022 for the development of 606 residential units at that site in 2022. A spokesperson for Dairygold confirmed the co-op’s intention is to “offer the Long Mile Road site to a third-party developer for further development”. It added that “this is consistent with Dairygold’s strategy to maximise value of its non-core property assets and to divest of them at the appropriate time”.The spokesperson also said that the co-op also sold its site on Main Street in Killaloe, Co Tipperary, for a consideration “in excess of the guiding price of €475,000”.The sale of the Cork and Killaloe sites will have given the co-op a much-needed cash injection during a year where the rapid fall-off in dairy commodity prices in the second half had meant cash management has been critical for all dairy processors. The finalisation of planning permission for the Dublin site means Dairygold will enter 2026 with an asset on its books which has had its value significantly increased.
Dairygold received the green light for the development of 436 apartments at its site on the Long Mile Road in Dublin. Planning permission was granted by South Dublin County Council on 4 December after the withdrawal of a third-party objection. As well as the 436 apartments ranging from one- to three-bed, the development will also include a community library, a creche, a medical centre and café. The effective area of the site is 1.5ha and the apartments will be in blocks that are six to 10 storeys high. Planning was granted to Watfore Ltd, Dairygold’s property subsidiary.The granting of permission is a significant development for the co-op which has made considerable progress this year offloading its property assets. DevelopmentIn August, Dairygold sold its Creamfields development property in Cork city to Cairn Homes for €25.6m. Watfore had received planning permission in 2022 for the development of 606 residential units at that site in 2022. A spokesperson for Dairygold confirmed the co-op’s intention is to “offer the Long Mile Road site to a third-party developer for further development”. It added that “this is consistent with Dairygold’s strategy to maximise value of its non-core property assets and to divest of them at the appropriate time”.The spokesperson also said that the co-op also sold its site on Main Street in Killaloe, Co Tipperary, for a consideration “in excess of the guiding price of €475,000”.The sale of the Cork and Killaloe sites will have given the co-op a much-needed cash injection during a year where the rapid fall-off in dairy commodity prices in the second half had meant cash management has been critical for all dairy processors. The finalisation of planning permission for the Dublin site means Dairygold will enter 2026 with an asset on its books which has had its value significantly increased.
