Opportunity for new homes in Portadown
More than five acres of land and a two-storey property in Co Armagh may still be of interest to property developers.
The Portadown site located just one mile from the town centre has previously been approved for a 42 unit residential development.
Despite the 2009 planning approval for 49 Mahon Road having since lapsed, Lisney estate agents believe a similar scheme "should be possible" subject to a formal application being submitted.
Lisney director David McNellis said the site is "a significant plot of potential residential development land" on the edge of the town.
"With limited supply of such opportunities currently on the market in Northern Ireland, we would expect strong interest and for the site to be the subject of competitive bidding," he added. According to the brochure the property is held on a freehold title without any restrictions or encumbrances which may impact on future development.
The broadly flat 5.8 acre plot also comprises a detached house which is in "need of modernization" in addition to a range of outbuildings.
The opportunity comes within weeks of Belfast City Council granting planning approval for 123 new homes in the city, including a £5m apartment project on the site of a derelict former Northern Bank on the Lisburn Road.
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A similar development to turn a former Belfast School of Music building on Donegall Pass into 23 apartments, a plan to build 38 apartments on the Ormeau Road and 39 dwellings in north Belfast were also approved.
In February, developers KAP Properties said prospective buyers had camped out overnight to be first in line to put down deposits for the new homes at Saul Road in Downpatrick.
The latest house price index from Land and Property Services reported that house prices have grown by 5.5% over the last year to hit an average of £136,699.
New housing starts in Northern Ireland have also hit a nine-year high, according to the National House Building Council.