Origin agrees €47.5m deal for port site
Listed agri-services business Origin Enterprises has agreed terms of a conditional deal to sell 31 acres of Cork's South Docklands to O'Callaghan Properties for a cash consideration of up to €47.5m.
The brownfield site close to Cork City Hall has long been seen as a development opportunity.
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The land has been designated for future urban development.
In a statement to the stock market, Origin said the sale is subject to satisfaction of a number of conditions, including the granting of various permissions and approvals, and the relocation of the group's existing operating business on the site to an alternative location in Cork at an economically viable cost.
The estimated gain on disposal is approximately €3.5m, assuming the full disposal proceeds are realised.
Commenting on this week's announcement, Origin chief executive 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."
O'Callaghan Properties is a well-established Cork-based property developer.
The brownfield former R&H Hall site was earmarked for development before the financial crisis.
A plan for 275,000 sq m (three million sq ft) of offices and more than 1,200 apartments, with a neighbourhood centre with shops and other facilities, a school, outdoor amenity spaces, and a cultural centre, was drawn up.
Origin-owned R&H Hall is Ireland's biggest importer and supplier of animal feed ingredients, and has long since moved its port operations in Cork to Ringaskiddy.