Monday 21 October 2019

Origin poised to sell 31 acres of Cork’s South Docklands to well-established developer for €47.5m

Tom O'Mahony, CEO of Origin Enterprises
Tom O'Mahony, CEO of Origin Enterprises

Donal O’Donovan

Listed agri-services business Origin Enterprises has agreed terms of a conditional agreement to sell up to 31 acres in Cork’s South Docklands to O'Callaghan Properties for a cash consideration of up to €47.5m.

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 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."

O'Callaghan Properties is a well-established Cork based property developer.

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