€30m guide price for huge Cork land sale
Published 04/05/2016 | 02:30
Three landbanks in Cork will go on the market today, in one of the biggest sales of development land outside Dublin in recent years.
"The Treasure Collection" is expected to fetch between €25m and €30m. The sale is being handled by Savills' Denis O'Donoghue and Peter O'Meara. Bids are due by June 8.
The sites are being sold by Cairn Homes, which took control of the sites as part of its purchase of the Project Clear portfolio of Ulster Bank loans last year.
The portfolio is led by a 52-acre development site at Castletreasure in Douglas outside Cork City. The site is zoned R-06 for medium density residential development and is believed to have space for as many as 450 homes subject to planning permission.
The site borders a protected greenbelt to the south, Douglas Golf Course to the east, with mature trees along the western boundary. The site is zoned 'Medium A' residential development - allowing for a development of 20 to 50 residential units per hectare.
Savills' Peter O'Meara believes this is the "largest and best residential development site to come to the market in the past 10 years and is probably Cork's finest residential development site".
He added: "It will be a great boost to the Cork market as it offers a significant development opportunity and could potentially deliver a high end scheme in excess of 450 units. We anticipate that there will be strong interest both locally and nationally."
The portfolio also contains a former car showroom at Dennehy's Cross.
The site comes to the market with the benefit of full planning permission for the development of a commercial showroom and three townhouses on the ground floor with a mix of one, two and three-bed apartments overhead. Planning has been extended up to April 2018, said Savills' Denis O'Donoghue.
The final part of the collection is a 7.8 acre site at Sunday's Well close to UCC and The Mardyke. About 6.1 acres of the site is zoned Z 04 which allows residential development as well as civic use.
Planning was granted, on appeal, in 2006 for the development of approximately 260 residential units to include a mix of townhouses and apartments. It has now expired.