Site with planning for 145 houses is sold

While the land market is quiet, in terms of new listings, the conclusion of sales kept auctioneers and solicitors busy, before the mass departure of August.
Site with planning for 145 houses is sold

Farmers, however, will reap what they’ve sown in a second year of bumper crops of grain and grass.

The bouyancy of a good summer has translated into a renewed economy — the much-heralded green shoots are beginning to show.

And in a week in which major developers have been done down, there is the emergence of a new breed, it seems, as good quality land is being Nama-fied for sale.

In particular, one of the only ‘shovel-ready’ sites in Cork, with full planning for 145 houses at Kerry Pike, just ouside Cork City, is sale-agreed.

And while agent Joe McCarthy will not comment on the deal, it’s likely to be a low-key, or emerging developer in a clear field — all the major players were recession casualties.

The 45 acres at Kerry Pike are close to another 11.5 acres in the same village (which is minutes from the western edge of Cork City), and are also sale-agreed and, again, sale terms have not been disclosed, but auctioneering sources suggest a sum of between €25,000 to €28,000 per acre.

There was strong Dublin interest in both sales and the rumour is that the buyer(s) are from Dublin and that the site appeals because of its ready-to-go position.

With demand quickening, there’s the potential to build away on this site over a five- to seven-year period, say property sources, and to sell away at the same time.

The fact that this is one of the few shovel-ready sites in Cork has something to do with the price, it’s believed, and to do with demand quickening.

Meanwhile, interest in Dripsey Castle and its farmland has been brisk, says Joe McCarthy, who says he’s confident of an autumn sale for the historic Lee Valley prize.

It’s located in a highly productive dairying area and with a total of 110 acres around an early Georgian house, the joint agents, Ganly Walters and Joe McCarthy, of Irish and European, gave a price of approximately €2m for the demesne in mid-May.

South-facing, the land is sheltered to the north by woodland and has access to the Dripsey River.

There has been steady viewing throughout the summer, since the property’s launch, says Joe McCarthy, and viewers include local, Cork-based interests, national buyers and international investors.

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