€4m-plus at Ballinacurra underscores demand for development in east Cork

THE quality of 10 acres of house development land, and the anchoring period home with it, has seen a sale go c €500,000 over the asking price for Midleton’s Charleston House. It’s selling for between €4 and €4.5 million, and underscores the demand for development in the east Cork commuter town.

Charleston House on two acres plus 10 acres of zoned residential lands at Ballinacurra, near Midleton in east Cork, is being bought in one lot, by builder/developer Donal Relihan of DNR Homes for over €4 million; inset, fresh to market this week is a prime Midleton town centre site of 0.43 of an acre at Kennedy Park, Broderick Street, with planning for 11 units.

Currently at an advanced stage of sale, Charleston House on two acres plus 10 acres of zoned residential lands is being bought in one lot, by builder/developer Donal Relihan of DNR Homes.

Charleston had been offered in lots, with the house guided at €795,000, and it attracted bids in excess €800,000. Meanwhile, the land was guided at €2.85m, or a combined €3.65m for house and 12 acres, listed in May with Peter O’Meara and Michael O’Donovan of Savills, Cork.

They declined to confirm local sources who identified DNR Homes as the buyer, and it’s known that very strong interest had been expressed in the stunningly-set package at Ballinacurra.

At least five parties stayed in the bidding, some from Midleton/east Cork; there were also city-based firms who made bids, and at least one Dublin-based bidder.

It’s expected the Edwardian 5,500 sq ft Charleston House will remain in residential use and up to 100 new houses may be built on the 10 acres which averaged c €325,000 per acre, or over €30,000 per house stand.

It’s the second significant swoop by DNR Homes, following on their purchase of 4.6 acres of land sold by the Church of Ireland at the city’s Model Farm Road for c €3.5m, also via Savills. DNR is expected to seek planning there for 35-40 homes, or €100,000 per stand.

This latest Midleton land sale, plus sale offers at Waterrock (guiding €2.5m or €150,000 per acre) and at Tir Cluain (gone to best bids this week), as well as active schemes like Blossomhill with CastleRock Homes selling via Cronin Wall shows rail-served Midleton emerging as an important location to meet new homes demand in the greater Cork area.

Meanwhile, fresh to market this week via Joe McCarthy of Irish & European is a prime Midleton town centre site of 0.43 of an acre at Kennedy Park, Broderick Street, with planning for 11 units. It has a guide of €350,000, or €31,000 per ‘stand.’

Details: Savills, 021-4271371; Irish & European 021-4277606

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