A prime development site on Cork’s south docklands is being introduced to the market by Lisney.
The property is located at the city end of Monahan Road approximately 1km east of Cork city centre on the southern end of the road.
There is a vacant detached warehouse building on the site, measuring around 2,581 sq m (27,778 sq ft).
The site of around 0.72 hectares (1.78 acres) is pretty much rectangular, with frontage of 80m to Monahan Road.
The premises includes parking, hardstanding and loading areas to the front and rear and there is potentially wide appeal to developers and investors. who will certainly be interested. and it may even appeal to owner occupiers with short or medium-term use for the property, with subsequent longer term views to future development on the site.
Desirable dockland sites don’t come to market very often, the former Southern Fruit property on Centre Park Road was sold by Lisney in 2015 for close to its €1.5m guide.
This equates to a value of around €320,000 per acre. It was purchased for its future development potential.
The Monahan Road plot is located in an area zoned for ‘mixed use development’ by Cork City’s Development Plan of 2015 to 2021.
This is a flexible zoning that allows for a range of uses including residential, office, or commercial, all subject to planning permission.
One of the main attractions is that the property is situated within walking distance of the city centre, located 170m east of Kennedy Park and 700m from the Elysian apartment tower.
Edward Hanafin of Lisney is of the opinion that this property may, in time, carry appeal as a residential development site.
Planning permission was granted by Cork City Council in 2006 for a high-density, mixed use development in this area.
This was to contain 95 apartments, five townhouses and 3,067 sq m (33,013 sq ft) of space for business and technology centres. An Bord Pleanála subsequently overturned planning following an appeal process.
Mr Hanafin feels that, with the current demand for residential accommodation and the shortage of supply in central Cork, this particular property may suit an apartment development given its proximity to the centre.
This would also tie in with Cork City Council’s stated plans to upgrade Monahan Road from Kennedy Park as far as Páirc Uí Chaoimh.
The plans include a linear park and cycle lanes, which may enhance the appeal of this location. The property is being offered for sale with vacant possession at a guide sale price of €850,000.
Details: Lisney, 021-4275079
© Irish Examiner Ltd. All rights reserved