Live at the Marquee festival site beside Pairc Ui Chaoimh on the market for €8.5m
The much anticipated sale of an 11.35 acre site adjacent to Pairc Ui Chaoimh GAA Stadium at Cork's South Docklands has been launched today.
Located approximately 1.5km from the city centre and beside the Marina Park, River Lee and Blackrock Village, the site is familiar with music fans as it has hosted the annual Live at the Marquee Summer Music Festival.
The former Ford distribution site was purchased at the height of the Celtic Tiger by developers Horward Holdings for over €35m.
Howard secured full planning permission for the site, which includes a high density mixed use scheme which includes 564 apartments, 350,000 sq.ft. of offices, a 205 bedroom hotel and a 5,000 seat events centre, and which remains in place until 2019.
On the instructions of receivers, selling agent CBRE are bringing the site to market for €8.5m.
Denis O’Donoghue, Director, CBRE Cork said that "he expects considerable domestic and international developer interest in the site as it represents an opportunity of scale in a City that is set to transform over the next 20 years under a government led agenda".
"While Dublin represents a mature market Cork is just starting on its journey to becoming a true second city and now has all the ingredients required in terms of government support, new planning guidelines, occupier demand, capital and business confidence to deliver its docklands vision," he said.
Stretching from the newly redeveloped Pairc ui Chaoimh to O’Callaghan Properties 3,300 sq.m. Navigation Square office development on Albert Quay, the South Docklands covers an area extending to 324 acres with 4kms river frontage.
Mr O'Donoghue said that Governments’ recently published National Planning Framework Strategy 2040 outlines a vision for Cork to increase its city based population by 60pc, with the €116bn National Infrastructure Plan having a particular focus on the rejuvenation of Cork’s Docklands.