Tuesday 23 January 2018

Development site on offer for €1.95m in Cork business hub

7-9 Parnell Place contains two former five-storey warehouses
7-9 Parnell Place contains two former five-storey warehouses

Donal Buckley

A major urban renewal development opportunity has been launched on the market in Cork's central business district.

But with the opportunity comes a challenge, as the purchaser of the building and site at 7-9 Parnell Place needs to impress the vendor Cork City Council with a bid of around €1.95m - plus a vision, use and design approach for its future development.

The council has helped by providing an indicative development brief for the property confirming that the site allows for a wide range of uses reflecting its city-centre location, including a mix of uses, and the development can accommodate large office floor plates.

Its location within five minutes' walk from the city's traditional prime office district of South Mall and its high street, Patrick St, will offer a major incentive at a time when a number of new developments have been completed or are in the pipeline on nearby surrounding sites.

Agent Margaret Kelleher, of Lisney, said a progressive developer could "create a high-quality commercial/mixed-use development which balances redevelopment and conservation".

The site contains two former five-storey warehouses with relatively small windows to the front by modern standards, while the 0.45-acre plot also includes the freehold of 1 and 2 Deane Street, a two- storey corner-terraced building producing a rental income of about €10,500 per annum.

Sunday Independent

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