Record site goes back on market

PART of a site which netted e27 million for an old folks charity three years ago is now to be off-loaded — most likely at a significant loss, by Edward Holdings’ developer Gerry Barrett, owner of Galway’s G Hotel.

Mr Barrett bought a four-acre field on Cork city’s Airport Hill in March 2006 — the very height of the boom in development land values for €13.8m.

Since then he has added to the site, acquiring a further 1.5 acres for an undisclosed extra sum. Although he drew up plans for offices, commercial space, an hotel, and apartments on the land, he never sought planning permission.