Terms agreed for €20m-plus land bank in Ballincollig

Terms agreed for €20m-plus land bank in Ballincollig

The sale of house-building land by Cork’s Ballincollig for over €20 million to a major Cork developer may miss its ‘Sale of the Year’ title, as final contract negotiations continue into, and possibly past, December.

When launched in March, as an estate executor sale of a farm zoned for development by best bids via Irish & European, it was indicated the highly valuable and easily developable land was capable of taking 500-1,000 new homes, and a delivery in the middle of that range is likely to flow.

Sale terms are agreed, and well advanced, on 69 acres west of the city with 67 of them zoned for development, by Ballincollig and the Maglin Road. A wide interest was shown, given the growth of Ballincollig and the land’s ease of access to Cork city via the N22.

Agents Joe McCarthy and Trevor McCarthy of Irish & European declined to confirm the purchasers’ identity, pending final contracts, but other well-placed market sources indicate it’s a very well-established developer, with local, regional and national output in residential and commercial spheres.

The 69 acres, which includes 1.5 acres zoned open space and a farmhouse and outbuildings, is within a walk of the town and its catchment of 18,000, close to the major Heatherfield scheme, being developed by Murnane & O’Shea.

The final price isn’t confirmed yet either, but if much over the €20m expectation, could see €300,000 an acre secured, for this very sizeable land bank.

DETAILS: Irish & European 021-4277606.

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