A ready-to-build residential site within a few minutes walk of EMC/Dell in Cork’s Killumney and three miles from Ballincollig has come to market, where average cost per ‘stand’ to build on is running at €55,000. It equates to €563,000 per acre.
Listed with joint agents Margaret Kelleher of Lisney and Miah McGrath of McCarthy&McGrath, for Dairygold company Agricola Properties, is 7.1 acres of land with a recent grant of planning.
Agricola sought planning permission in December 2016, and got a full grant for 70 units by June 2017.
Agricola Properties also sought planning for 40 houses and apartments on the Mill Road, Broomfield West in Midleton, east Cork last year, and that 2.8 acres with a grant of planning for 38 units is now ‘sale agreed’ to an undisclosed buyer, confirmed Miah McGrath of McCarthy & McGrath Midleton who had been guiding €1.5 million, or €535,000 an acre, or €39,000 per ‘stand.’ The final selling price is not yet confirmed.
Now, Agricola Properties’ Killumney seven acres is now being sold on via private treaty by Lisney and McCarthy & McGrath, at a guide price of €4 million. The joint selling agents describe it as a prime, ‘Ready To Go’ serviced site, laid out in one division, adjacent to Killumney village, and adjoining an existing house scheme called Grange Manor, where house resales in the past two years have ranged from €173,000 to €330,000.
The planning permission allows for 70 two storey builds, spanning 12 detacheds, 52 semi-detacheds and six townhouses (they’d applied for eight terraced houses, reduced on grant of planning to six.) Margaret Kelleher of Lisney said they expect keen interest, given the nature of the site, design and the freshness of the planning, and the strength of demand in the area, as well as its proximity to EMC which employs thousands.
It comes to market just as Irish & European bring a zoned six-acre Carrigrohane to sale conclusion later this month via tender.
I&E launched their 6.14 acre plot close to the Model Farm Road back in June of this year, guiding €3.25 million, and very strong interest was shown, hence the decision to sell via tender.
At that guide, it equates to €529,000 per acre, and while it is zoned, no grant of planning had been sought on it, to allow purchasers free rein of house types and densities.
That land, an executor sale, adjoins the rapidly advancing Steeplewoods development of 27 houses, predominantly detacheds with some 1,500 sq ft semi-ds, being undertaken by O’Flynn Construction and which is due to launch in coming weeks via Sherry FitzGerald to an expectant trading-up market in Cork’s western suburbs. It was previously reported that that O’Flynn Construction paid c €3 million for the 4.17 acres for Steeplewood, or close to €700,000 an acre.
Meanwhile, another local comparable was the low-key sale of 4.6 acres of Carrigrohane land which is due development zoning under the council’s new development plans.
Offered via James O’Donovan of Savills, that land is understood to have fetched an unconfirmed c€3.5m, or €760,000 per acre, for what will be a highly prized residential address.
Fund from that land sale, meanwhile are being used by Carrigrohane Union of Parishes to fund the c €1.2m purchase of the old Gun Store, Ballincollig, to turn over to church use for a growing parish, with other churches in Inniscarra and Blarney (see separate story these pages)
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