Model Farm Road development site on a sale for mark-up of €2 million

Model Farm Road development site on a sale for mark-up of €2 million
Model farm road 4.6 acres sold by the Church of Ireland Carrigrohane for €3.5 million

A CORK suburban development site which sold for a very strong €3.5m less than two years ago, has been quielty returned to the market, at a c €2m mark-up, according to sources.

Quietly listed as an ‘off-market offer’, at a reported €5.5 million, is a prime site of 4.6 acres at Church Cross, on the Model Farm Road, near the Rosefield development.

It was bought in October 2017 by Donal Relihan of DNR Homes, via Savills, who had guided at €2.8/€2.9m for vendors, the Church of Ireland’s Carrigrohane parish.

At the time, the strong, over-the-guide price eventually secured at c €3.5m/€760,000 an acre had many observers expressing surprise at just how strongly it had sold, and DNR indicated at that time their hopes for 35 to 40 up-market homes on it, and an approximate site value of €100,000 per unit.

In the event, they got planning granted for 33 residential units, after An Bord Pleanala removed three detacheds by the southern boundary from the original application: at the now aimed for €5.5m on hoped for resale, it jumps up to a considerable €166,000 per unit, or €1.195m an acre.

The planning is for 17 detacheds, 12 semi-detacheds and five townhouses; the new builds at Rosefield, across the Model Farm Road, have been selling at prices from €440,000 to €700,000 (net of VAT) according to the Price Register.

The agents Savills declined to comment on the off-market offer. The vendor DNR Homes in 2017 acquired Charleston House and development lands at Ballinacurra, Midleton for close to €4.5m: earlier this summer DNR got planning granted after appeals for 87 houses, and have since sold on the early 1900s Charleston House to a private buyer, for over €850,000.

Meanwhile, also on the Model Farm Road but at the city end, an exceptional brownfield one-acre site, previously occupied by a private home Vailima, has sold with full planning for seven large houses (2,670 sq ft to 3,400/3,700 sq ft).

It had been acquired by Rockforest/Into the Future Homes for €1.35m, who got the planning and the cleared acre has been resold for close to its €1.8m asking price (c €250,000 site cost per home) quoted on sales launch in January, via agent Sam Kingston of Casey & Kingston.

Mr Kingston confirmed the sale, but would only identity the purchaser as a low-key developer, who will start construction on the highly prized site in September.

Savills 021-4271371/ Casey & Kingston 021-4271127

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