From heady days of €8m for half acre plots in old warehouses, the latest value indication may be back to €325,000 per acre — and that’s for quite a plum plot.
Agent Edward Hanafin of Lisney is selling a large industrial building on 4.65 acres in Cork City’s docklands, 500 metre east of City Hall.
It was previously used for decades by Southern Fruit, and had been acquired as low-hanging fruit by Howard Holdings in the mid 2000s, for around €10m off-market, as part of its water-aspect site Cork buying spree which saw hundreds of millions spent on harbour site acquisitions.
This former Southern Fruit site can be accessed off Central Park Road, but also critically from Kennedy Quay for a river aspect, and it has a third vehicle access from the lane Elm Walk between the two.
It’s located in between the R&H Hall and IAWS silos and the Marina Commercial Park, all of which have had ambitious docklands development and high, tall building hopes.
Mr Hanafin describes it as “an established commercial location” with the existing warehouse building measuring 82,000 sq ft, or just over two acres, including single story office building, on an overall site of approx. 4.64 acres. It has internal headroom to eaves of 5.5 metres with five loading doors, two of which have a sunken loading bay to provide dock level access.
The warehouse was used as part of the Cork Arts Trail back in 2008.
Guide price now, all in, is €1.5m, and it’s offered via Lisneys for receiver Kieran Wallace of KPMG.
Before then, not one, but two half-acre sites made €8m and 8.5m, one to O’Callaghan Properties in October 2006 next to the Idle Hour, the other to Howard Holdings, known as Doyles site on Albert Quay. The latter subsequently became the centre of a legal wrangle between Howard Holdings and O’Flynn Construction over a planned JVA fronting the Elysian site. That Doyles half-acre site was sold in December 2013 to BAM for c €2m, also for receiver Kieran Wallace of KPMG via Savills, and is the subject of a planning application with BAM/John Cleary, for a 50m eight storey office block of 200,000 sq ft over ground floor retail.
* Details: Lisney, 021-4275079.