IAWS in no hurry to sell dockland site in city centre

This pocket of land could be key to the regeneration of Cork docklands and its development has been under consideration for several years by Cork City Council.

IAWS chief executive Owen Killian said questions about the future of the site were best directed “at people other than ourselves”, by which he meant the relevant local authorities in Cork.

At this stage the group does not have a fixed view on what the land is worth. Some brokers have estimated the 30-acre site at €5m an acre as a development play.

At this stage IAWS has a thriving business on the site and has no plans to sell it on, because it has no urgent need for the cash.

That decision would not be made unless a master plan to develop the area comes into existence.

That may still take some time, it is understood. Cork City Council is understood to be awaiting the outcome of a further study into the area before outlining any prospective plans for the site. Plans have been under review for six years without any firm proposals emerging to date which means IAWS will bide its time.

In the past the group sold off Boland’s Mills close to Dublin’s city centre for €25 million and, with hindsight, that looks to have been inordinately cheap given the way prices have gone, said Mr Killian.

“Every time we have sold land in the last number of years we have lived to regret it,” he said.