IDA Ireland sold a site at IDA Greystones Business Technology Park, Greystones, County Wicklow under a 999-year lease in April 2022 to Greystones Media Campus Owner Ltd. The site was sold at a consideration representing the open market value of the site and the site is also subject to an annual nominal ground rent based on a charge of €32 per hectare with a rent review provision within the 999-year lease. The site was sold pursuant to IDA’s power of sale under the Industrial Development Acts and the IDA typically sells all sites on its business parks to FDI clients and indigenous clients of Enterprise Ireland on this basis. The use of the lands is restricted to manufacturing and/or internationally traded services as specified in the relevant Industrial Development (Service Industries) Order 2010.
Importantly, the 999-year lease contains a development obligation on the part of the tenant and the company secured a 10-year planning permission for a film studio media campus from Wicklow County Council in 2020. In this regard, the IDA continues to engage with the tenant with regard to the proposed development but it remains for the company to disclose its current intentions with regard to its project noting that, as I have indicated, the lease does contain a development obligation.
