€850k for prime residential development opportunity in Cork city's south docklands
Agents Lisney have brought a prime development opportunity in Cork city's south docklands to the market at a guide price of €850,000. The property, which is for sale with full vacant possession, is situated approximately 1km east of Cork city centre on the southern side of Monahan Road.
It currently comprises a detached warehouse building of 2,581 sq m (27,778 sq ft) on what the agents describe as a "fairly regular shaped site" of approximately 0.72 hectares (1.78 acres). The property comes with frontage of 80m to Monahan Road. There are parking, hard-standing and loading areas to the front and rear of the building.
The property is situated in an area zoned "mixed use development" in the Cork City Development Plan 2015 - 2021. This is a flexible zoning that allows for a range of permissible uses including residential, offices, commercial etc, subject to the appropriate planning permission being obtained by the new owner. The property is included within precinct 12 Monahan Road West as outlined in Cork's South Docks Local Area Plan 2008. Indicative building heights for the property point to its potential to develop buildings ranging in height from four to six storeys. Located within walking distance of Cork city centre, it is just 170m east of Kennedy Park and 700m from the landmark Elyisan Tower and apartments developed by Michael O'Flynn's O'Flynn Construction.
Selling agent Edward Hanafin of Lisney suggests that the property may appeal to potential purchasers as a residential development site.
In 2006, Cork City Council granted planning permission for a high-density, mixed use development on the site which included 95 apartments, five townhouses, and 3,067 sq m (33,013 sq ft) of business and technology space. The proposed development was to have been arranged in five main blocks, ranging in height from four to six storeys over basement car parking. An Bord Pleanala however, subsequently refused planning permission for the scheme on foot of a third-party appeal.
Given the current demand for residential accommodation in Cork and the shortage of supply, the property may now be suited to an apartment development given its proximity to the city centre.
Cork city's economic outlook is positive following a number of recent job announcements, including Apple's expansion of its Hollyhill complex, and Johnson Controls' expansion of its global headquarters at One Albert Quay.
This ongoing growth in Foreign Direct Investment is expected to strengthen the demand for private residential rental accommodation in Cork city and its immediate environs even further.
Cork City Council has plans to upgrade the public realm on Monahan Road from Kennedy Park up to Pairc Ui Chaoimh to include a linear park and cycle lanes.
These improvements should enhance the appeal of the subject property.