Monday 19 February 2018

Lisney invites bids for tech park sites in west Cork

Opportunity: Lisney have an asking price of €1.2m for these properties at a retail park outside Clonakilty
Opportunity: Lisney have an asking price of €1.2m for these properties at a retail park outside Clonakilty
Peter Flanagan

Peter Flanagan

SEVERAL buildings in a business park in west Cork have been put on the market with an asking price of some €1.2m.

The properties are a mix of office buildings and zoned development land at West Cork Technology Park, Clonakilty.

It is being offered for sale by joint agents Lisney and Savills on the instructions of the receiver, Baker Tilly Ryan Glennon' George Maloney.

There are five buildings or floors of buildings being offered for sale.

Building C is a vacant two-storey office building of 12,675 sq. ft. The ground floor of building D is 10,142 sq. ft and is part vacant and part let to West Cork Development Partnership.

Part of the ground floor and the entire first floor of Building H, comprising 13,573 sq. ft, is part vacant and part let to PGI.

Building O is a single-storey light industrial unit of 3,160 sq. ft let to Long Shot Golf.

There is also a vacant office unit of 1,059 sq. ft.

The current total rental income is just over €109,000 per annum and there is potential to increase rental income by letting the vacant office accommodation.

The sale also includes 13 acres of undeveloped zoned land.

West Cork Technology Park is situated approximately three kilometres from Clonakilty town centre on the Cork Road. It was developed by Fleming Construction on an overall site of approximately 29 acres.

The Park currently comprises a total of nine buildings, some of which have been previously sold and are excluded from the sale.

The park employs almost 1,000 people and it is said to have a "superb" telecommunications infrastructure comprising 48 fibre optic lines, with a diversity route ensuring no single point of failure.

"It was designed to meet the specific needs of a diverse range of businesses including software development, e-commerce, internet and application service providers, shared services, R&D, training and customer support," said Lisney. The deadline for the best bids is July 11.

This is the second major development being offered for sale by Lisney in Clonakilty in the space of three months.

In March Lisney put the Waterfront development in the Cork town on the market under a best bids process, also for €1.2m.

That property is made up of a partly completed development on the former Clonakilty GAA sports ground. It sits on a site of 7.16 acres.

In 2005 the Clonakilty club signed off on a deal to sell the land for almost €9m by Ballincollig-based firm Hillback Development.

Under that agreement the club moved to a new green field site on the outskirts of the town but remained on their original site until 2007.

Numerous bidders made an offer for the land at the time.

In 2005, as the deal was being sown up, the town council endorsed a draft action plan for the proposed development of the GAA lands and several parcels of public-owned land adjacent to the mouth of the Feagle river in the inner harbour.

The planned development was to be predominantly residential, but with an element of commercial activity.

If the proposal had been completed it would have completely revamped the centre of Clonakilty and included an underground car park.

Development never got off the ground, however, and it is now only partly completed.

Sunday Indo Business

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