Clarendon Properties secures development rights for prime development on Cork city's waterfront
Published 28/07/2016 | 14:09
Clarendon Properties, an international property investment company headed up by Tony Leonard and Paddy McKillen acting in partnership with construction firm, BAM Ireland, have secured the development rights from CIE for a prime development on Cork city’s waterfront.
The agreement will see the regeneration of a 6.1 acre site adjoining Kent Station on the northern bank of the River Lee. The lands, which have the potential for office, residential and leisure use subject to planning permission, have frontage on to Horgan’s Quay and Railway Street.
Clarendon Properties has already been involved in several successful developments in the city, including Queen’s Castle, The Savoy and the Wilton Shopping Centre.
Commenting on the deal, Clarendon Properties’ Managing Director, Tony Leonard, said the proposed development provided his company and BAM Ireland with an opportunity to realise what he termed “a superb, benchmark development that will showcase Cork”.
CIÉ Group Property Manager Niall Grogan said the development would be good for CIÉ as it would help to generate an ongoing income stream to help fund public transport services. Grogan added that it would provide Cork city with a landmark mixed-use development to meet the emerging needs of the local and regional economy and community.
The agreement for the development of the site is based on a structured income sharing finance deal whereby the developer will obtain a 300-year ground lease in return for an annual rent or alternatively 10pc of the market rent from the new buildings, chever is higher for CIÉ.
Lisney in Cork managed the tender process for the site.