Cork city development opportunity guiding at €2.95m
Agent Lisney is guiding a price of €2.95m for a prime development opportunity in Shanakiel, Co Cork.
Located 2.5 km west of Cork city centre, it's situated next to both Shanakiel Road and the western road bridge, offering convenient access to UCC, the Mardyke Arena and the city centre.
The southern boundary is occupied by the Cork Waterworks and Lifetime Lab. A water reservoir for the city, water storage tanks and residential developments lie to the east. The area to the north is dominated by the Carrigmore hospital, surrounded by St Anne's pitch and putt golf course. Lands further to the north east and west are primarily in residential use.
The entire site extends to approximately 14.188 acres (5.742 hectares) and is laid out over three tiers/levels with a series of buildings including the former St Kevin's Hospital, St Dympna's, St Kevin's Church and number of out buildings totalling approximately 8,300 sq m (89,340 sq ft). While St Kevin's suffered a fire last July, the building is now secure. There are number of roads on site providing access to the various buildings.
The majority of the site is zoned 'Residential, Local Services and Institutional uses' under the terms of the Cork City Development Plan 2015 to 2021. A section of the property to the southern side is designated land preservation zone (NW2).
The former St Kevin's building, the former doctors' residence to the east, St Kevin's church and a link building between both are recorded in the National Inventory of Architectural Heritage (NIAH) and while not designated as 'protected structures' in the current development, their inclusion on the NIAH would suggest that the planning authority may seek to include certain structures in their record of protected structures.
Given the predominance of residential use in the surrounding area and the zoning of the property, it is likely that the site will be developed for housing. It is known that Cork City Council is anxious to have the site redeveloped.
Lisney anticipates that a number of the existing structures on the site will be suitable for conversion to residential use given their height and scale. There are also opportunities for new buildings in the undeveloped sections of the site.
Margaret Kelleher of Lisney's Cork office expects to see strong interest in the subject property given its location, size, proximity to Cork city centre and clear residential development potential.