Prayers answered in sale of site on Model Farm Road

THE purchaser of a 4.6 acre house development site next to Hilton on the Model Farm Road in Cork city’s suburbs has been confirmed as up-and-coming Munster builder Donal Relihan, of DNR Homes.

While confirming the purchaser’s identity of the land sold by the Church of Ireland’s Carrigrohane parish, agents Peter O’Meara and James O’Donovan of Savills Cork declined to comment on the exact selling price, which is understood to have been around €3.5 million. The land had discretely gone to market in the summer at a guide of €2.8/2.9m.

News of a low-profile sale emerged last month, when the Church of Ireland’s Canon Ian Jonas confirmed they had acquired a former military building, the Gun Store, at the Gunpowder Mills in Ballincollig, as a church and parish centre, for about €1.2m after an Allsops/Bid IX auction offer and which will be converted to more pacifist uses over the next year, as a result of the church’s land sale windfall.

At that eventual c €3.5m sales level, it equates to a strong €750,000 per acre for residential development land, and DNR saw off competing lower bids from long-established developers, it is understood. DNR Homes was established more than 10 years ago, is based in Mallow and is currently completing a development at a 23-unit scheme called Gort Fada in Glounthaune. There, DNR Homes had three-bed semis for sale in early 2017 at prices just under, and over, the €300k mark via Savills New Homes.

At their now-acquired 4.6 acre Model Farm Road site, homes will be more upmarket and pricier given the western suburban setting, one kilometre from the Poulevone Roundabout and 5kms from Cork city. It’s understood DNR may be looking at a scheme of 35-40 homes, which indicates a site ‘stand’ cost of up to €100,000 per unit.

The land has recently been zoned, ‘Residential BG-R03 in the Ballincollig/Carrigaline district LAP, at a rough density of 20-50 homes to the hectare, and it’s likely DNR will go for a lower density, more upmarket scheme on the profile land, which has road frontage on two sides. It’s across the road from the former Nangles Garden Centre where site works have started on a scheme of 19 new homes, including some semi-ds, and where larger detacheds are likely to sell in excess of €700,000.

Also in the vicinity, O’Flynn Construction late last month launched the first 11 new builds at their long-awaited Steeplewoods development just off the Model Farm Road and with a Carrigrohane address. Four-bed semi-ds of 1,480 sq ft were priced from €420,000 (via Sherry FitzGerald) and a later launch of 2,850 sqft detacheds may the see prices top €800,000 given the ‘premium’ address.

And, given the €3.5m/€750,0000 per acre price paid for the Church of Ireland’s 4.6 acres, builders in the hunt for ‘raw’ product, land, will also be keenly watching the progress of the pending sale of 6.17 acres of residential development land right next door to O’Flynn’s Steeplewoods via tender with Irish & European. The land had a guide of €3.25m, with a late September tender date, and “a number of tenders have been received. We were very pleased with the level of interest, and are tying up a few loose ends before concluding a deal,” said Joe McCarthy of Irish & European.

It’s certain to have exceeded its guide, and is likely to have made in excess of 3.5m, and under €4m. The real question will be if the buyers are O’Flynns, given that they have access to the site via Steeplewoods, or if a rival ‘cuckoo’ comes into the fray and develops alongside.

Details:
Savills, 021-4271371

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