The agri-services group Origin Enterprises says it has reached “conditional agreement” for the disposal of up to 31 acres of land it owns on Cork’s south docklands in to O'Callaghan Properties for up to €47.5m.
The vast site contains several landmark buildings including the R&H Hall grain silos and the historic red-brick Odlums building.
The deal is subject to a number of conditions including the granting of various permissions and approvals and the relocation of the Group's existing operating business in docklands to an alternative location in Cork, Origin said.
The news is contained in a statement by Origin to the Irish Stock Exchange this morning.
It said O'Callaghan Properties is a well-established Cork based property developer with an impressive 50-year track record of residential, commercial and retail property completions in Ireland and the UK.
O’Callaghan Properties is currently developing its huge Navigation Square development on an adjoining docklands site.
The estimated gain on disposal is approximately €3.5m assuming the full disposal proceeds are realised, Origin said.
Origin Chief Executive Officer, Tom O'Mahony said: “We look forward to actively working with O'Callaghan Properties and the wider stakeholders to unlock the potential of this highly strategic asset to support the sustainable and progressive development of Cork City in line with the Government's National Development Plan 2040."