Tenders sought for Cork development
Lisney has been instructed by CIE to offer what the agents describe as "a significant waterfront development opportunity adjacent" to Kent Station in central Cork.
The property will be offered by tender and the successful tenderer will need to apply for planning permission on the site.
The site adjoins a new station interchange and public transport roadway currently under construction.
In a statement, the agents said CIE is seeking to secure an income stream and to participate in an income sharing arrangement with the successful tenderer. A 300 year ground lease will be offered for an annual rent or 10pc of the market rent achieved from the new building after construction - whichever is greater.
The area is zoned mixed use developments in the city development subjective to "promote the development of mixed uses and ensures the creation of a vibrant urban area, working in tandem with the principles of sustainable development, transportation and self-sufficiency".
Paul Hannon and Margaret Kelleher, who are managing the sale, said tenders are due by June 2.
The development plan provides for building heights in the north block of four to six storeys however a maximum seven storeys may be considered for buildings fronting on to the river.