Origin Enterprises sells off 31 acres of land in Cork docklands for €47.5m
Origin Enterprises has announced it is selling off 31 acres of land in the Cork docklands for €47.5m.
In a statement, the company said it has reached conditional agreement for the disposal of up to 31 acres of land owned by the Group in Ireland at South Docklands in Cork to O’Callaghan Properties for a cash consideration of up to €47.5m.
The Cork Docklands area has been designated for future urban development.
The Transaction is subject to the satisfaction of a number of conditions necessary to realise the full disposal proceeds including the granting of various permissions and approvals and the relocation of the Group’s existing operating business in Docklands at an economically viable cost to an alternative location in Cork.
O’Callaghan Properties is a well-established Cork based property developer with a 50-year track record of residential, commercial and retail property completions in Ireland and the UK.
The estimated gain on disposal is approximately €3.5m assuming the full disposal proceeds are realised.
Commenting on the announcement, Origin Chief Executive Officer, Tom O’Mahony said: “We look forward to actively working with O’Callaghan Properties and the wider stakeholders to unlock the potential of this highly strategic asset to support the sustainable and progressive development of Cork City in line with the Government’s National Development Plan 2040.”
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