Value for money for brewery site

THE LOCAL authorities ‘appear to have gotten a great bargain by agreeing a price of €2.1 million for the 10.5 acre site of the St Francis Brewery in the city.

THE LOCAL authorities ‘appear to have gotten a great bargain by agreeing a price of €2.1 million for the 10.5 acre site of the St Francis Brewery in the city.

At the peak of the market the 10.5 acre site of the St Francis Brewery in Kilkenny city centre would have been worth between €20m and €30m. If it had the tax incentives that were available for Kilkenny’s McDonagh Junction complex it might have been worth even more. But Kilkenny County Council and Kilkenny Borough Council appear to have gotten a great bargain by agreeing a price of €2.1m this week for the site. Just before the market peaked, a similar site in Kilkenny, the Cattle Mart site on the other side of the River Nore, sold for around €25m or €1.9m per acre without tax incentives. Developer Melcorpo’s ambitious plans for the mart site were aborted and its receiver Aidan Murphy is expected to bring it to the market in the near future with an asking price of around €9m. On that basis the value of the brewery site might have been €20m at the peak and could now be worth €7m. However the mart site, which is practically cleared, would not be as expensive to develop as the brewery site which it is estimated may take up to €2m to clear.