LAND in East Cork bought at the height of the boom for €6 million and earmarked for a nursing home is back for sale, now guiding at €275,000 — less than 5% of what was last paid for it.
And, a separate plot of industrial zoned land is now also on offer east of the city for just 2.5% of peak market values when similar sites routinely made €1 million an acre.
Billed as a medium to long-term investment is 11.6 acres of green field, between a cemetery and a disused rail line, on offer on the city side of Killeagh village, near Youghal.
Joint agents handling the sale are John Paul Sheehan of Lisney, with Burton and Associates, who say it has future development potential, or may just be bought for building a house on, and keeping the land for farming or for horses.
The 11-plus acres are level, in one division and have substantial road frontage to the Cork-Waterford N25.
Within walking distance of the village, and inside the settlement boundary under the Midleton LAP 2011, the land has permission for housing and a nursing home development.
It was bought by a couple of Cork city businessmen, via Lisney, for over €6 million back in 2005, with planning secured for development in 2007.
Meanwhile, also for sale with Lisney’s Edward Hanafin is a further nine acres of land east of Cork city at Carrigtwohill off the N25.
Carrying a guide of €25,000 per acre, or €225,000 all-in, the land is by the end of a cul-de-sac road opposite Fota/Great Island, and near Merck Millipore’s facility.
It’s also next to a high bay warehouse development on an adjoining site. Occupiers there include PRL Group, Agility, Fobak Freight and Hillbillys Distribution.
The nine acres has almost 100 metres road frontage along its western boundary and is zoned ‘Business’ in the Midleton Local Area Plan 2011.
It has FPP for 10 semi-detached light industrial units, totalling 39,000 sq ft, in units from 1,940 sq ft to 4,800 sq ft, plus six serviced sites from 0.45 acres up to 1.45 acres.
Land like this at market peak was making up to €1 million an acre, now it’s guided at 2.5% of that.
“It’s likely to suit an owner-occupier with a requirement for significant external hardstanding and parking areas,” added Mr Hanafin.
Details: Lisney 021-4275079Burton & Associates 021-4274333