HAVING a major employer, with 2,500 jobs, over the boundary fence is expected to underpin developer/builder confidence in pursuit of 12.5 acres in two fields, fresh to market, at Grange Cross, Ovens, west of Cork City and Ballincollig.
Listed at €4m for receiver George Maloney of RSM Ireland with agents CBRE is the level land holding just south of Dell EMC, within the Killumney / Ovens settlement boundary: that IT next door neighbour is a major driver of housing demand and prices west of the city, across a broad hinterland.
Comprising an easily developed level 12.5 acre greenfield site next to the Dell/EMC campus and car parking, there’s a current planning grant for 46 homes (expiring December 31, 2021), plus creche, on a six acre section, and overall the 12 acres may be able to accommodate up to 100 family homes, it’s suggested by CBRE.
At the current planning grant alone, it equates to €88,000 per site cost or ‘stand,’ and that site cost could be halved if a larger grant and higher number of homes is secured.
Agent Denis O’Donoghue notes “the zoning does not have a prescriptive density requirement which comes with the more ubiquitous yellow ‘Residential’ zoning.
This may offer the potential to eliminate apartments and duplex units from the housing mix and improve the saleability of any new scheme that would encompass the entire site area and provide for over 100 family homes.”
The land is 15km west of the city and just five kms west of Ballincollig (pop 18,000 and growing) along the N22/Ballincollig bypass, where housing demand is strong, evidenced by the sales at Murnane & O’Shea’s Ballincollig Heathfield scheme.
Describing Ovens as “one of Cork’s most desirable residential areas,” CBRE’s Mr O’Donoghue adds “what’s most notable about this site is the fact that it lies on the doorstep of one of Cork’s largest employers, the NYSE listed Dell EMC whose 45 acre campus employs approximately 2,500 people.”
The Ovens/Killumney area has 175 acres of zoned development land with around 67 acres having planning permission at present for 370 units, say the selling agents of this 12.5 acre plum-positioned plot.
Previously associated with O’Brien & O’Flynn, it’s close to the original heartland of the extensive O’Flynn family of developers and builders, with the O’Flynn Group currently building a new 270,000sq ft office development, Westfield Quarter in Ballincollig, on part of the former 90-acre army barracks site while another major developer, O’Callaghan Properties, have a long record of home building around Ballincollig.
Among the developers active locally too are Ruden Homes, with planning permission for 156 units on the Killumney Road, with partial construction of some of these units.
Ruden previously developed the 300-unit Grange Cross development in the early 2000s; DOB Developments have 80 plannings in the vicinity, and there’s a Dairygold site with 67 units granted planning.
Selling by private treaty, Denis O’Donoghue expects “considerable interest from across the developer spectrum as the desirability of the location, potential for family home development, ready house buyer demand and proximity to both Dell EMC and Ballincollig town centre make this a very attractive proposition.”
Details: CBRE 021- 4917255