Two seminal Cork harbour mixed-use development sites with waterfrontage, in Crosshaven and in Passage West, come to the open market this week, being disposed of by the Doyle Shipping Group, and worth over €8m combined.
The duo are nine acres at Crosshaven Boatyard, with the bulk capable of mixed development including possibly over 120 houses and guided at €4.5m/€5 million by Peter O’Flynn of Cushman & Wakefield, plus, separately, the Victoria Dockyard, in Passage West, previously owned by the Hill family, later by Howard Holdings, guided at €3.5m.
The Passage West site, once the Royal Victoria Dockyard and which built timber, and later on, steel ships from the 1830s to the 1930s, holds huge potential for the rejuvenation of the harbour town, and is zoned for mixed use/town centre expansion with scope for uses including residential, retail/supermarket and amenity leisure uses.
It has hundreds of metres of river and road frontage, three access points, and includes six vacant terraced houses at Dock Terrace; removal of the current high stone wall road boundary would breath new life into Passage West and open it further to the river.
One-time owners Howard Holdings who paid €25m for the historic docks site (which employed over 1,000 during WW1 years) envisaged land reclamation, an hotel, marina and other elements, with a necklace of harbour sites they were picking up during the early 2000s to be served by water taxis. Locals later urged Cork County Council to buy it, but it sold instead to the Doyle Group several years ago for a reported €2.75m, and has recently been used a steel scrapyard. It’s now guided at €3.5m by Cushman &Wakefield.
Meanwhile, in Crosshaven, the €4.5/5m development site offer is in two sections, 7.3 acres of boatyard on the eastern side of Point Road, and 1.84 acres on the western side is mostly reclaimed land, with a 110-berth marina facilities, and is zoned for marine-related purposes. Boatyard staff were told of the intended sale last Christmas, when it was planned to sell as a going concern, but now staff are being laid off and it is offered as an entire, with vacant possession. A portion of the site had housed Crosshaven’s famed Majorca Ballroom. There’s scope for new housing development, and perhaps a supermarket among other mixed uses and water and marina views. O’Flynn Construction have been the harbour ‘village’s’ most active developers since the early 2000s, delivering hundreds of homes at Brightwater/Drake’s Point, with four-bed semis selling at €335,000.
Estate agent Peter O’Flynn says it has broad comparison to the highly-successful Marina Village in Greystones, where Oaktree/Bridgedale have delivered 350 high-end home to a receptive market via Sherry FitzGerald.
At an approximate density of 20 units to the acre, Crosshaven’s boatyard site could accommodate 120-150 new residential builds. Previous moves to sell were in 2004, when a consortium was prepared to pay €6m for the boatyard.
DETAILS: Cushman & Wakefield 021-4275454
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