A VALUE of over €1 million per acre has been put on what is surely one of the best located suburban Cork sites to come to market in a decade, in Bishopstown, close to the CUH, third level colleges and the city’s ring road.
Given its nature, it’s expected that national developer interest, as well as Munster inquiries, will be forthcoming, which is going to benchmark developer appetite and financing viability for gilt-edged, up-market new-builds.
It’s understood that the Bishopstown land was part of the Project Arrow €800m loan sale to US fund Cerberus over a year ago, and this site’s arrival on the open market has been keenly awaited.
Going to market this week is 2.2 acres at the junction of Bishopstown Road and Hawkes Road, with four well-built 1,500 sq ft modern houses on the Curraheen Road, capable of earning €80,000 pa in rental income. Guide for the entire, development land and four houses, is excess €3.8 million, via Savills.
Described as a brownfield site, the circa 2.2 acres was painstakingly assembled by the Kelleher family, one-time owners of the Bishopstown Bar, via their development company 3G Partnership.
Early plans for apartments, in blocks of up to five storeys, were strenuously objected to by locals, and eventually planning was granted in 2006 for 73 units, in a mix of apartments and terraced houses.
The site has high visibility and 50 metres of frontage to Bishopstown Road by the Dunnes Stores roundabout, and 20 metres of frontage to Hawkes Road linking to Curraheen Road.
Savills’ director, Peter O’Meara, says this previous positive planning history augurs well for new plans for the land, which he describes as “one of the city’s best remaining residential development sites, with four fully-complete residential units also forming part of the sale.
“It is a site that many developers will have kept a keen eye on over the years. With the growth in asking prices making development all the more viable, it is sure to appeal to a wide range of developers both locally and nationally,” added Mr O’Meara.
It’s a kilometre from CIT, the same distance from CUH, four kms from the city centre and could suit an apartment or mixed-use development, suggest the selling agents, offering via private treaty.
Savills’ James O’Donovan adds: “Bishopstown has long been regarded as one of Cork’s most highly sought-after residential areas, due to its proximity and ease of access to Cork city centre, University Hospital and the Wilton Shopping Centre. The four, ready-to-go residential units that form part of the sale will be seen as an added bonus for prospective purchasers by way of creating an income stream while planning is being sought.”
Among those likely to have in interest is Dublin-based Clarendon Properties, who now own the Wilton Shopping Centre, among a number of key Cork retail investments. Their related companies have built in Kinsale and have sites in Carrigaline, and Ballintemple. They paid close to €4m, or €800,000 an acre for the five acres eir site in Ballintemple last year, and currently are in planning for c 70 units there.
DETAILS: Savills 021-4271371
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