Six acre site for luxury homes sold

An unidentified, out-of-Cork purchaser has emerged as the €2million-plus buyer of a six-acre residential building site with planning for 18 luxury homes, on the city end of Cork’s Blackrock Road.

Six acre site for luxury homes sold

The Cleve Hill site, previously owned by Howard Holdings, was put to market last year by Nama via DTZ Sherry FitzGerald, and concluding a deal appears to have been protracted.

Sources say the buyer is from out of the area and not a regular Munster player/investor, but DTZ have resolutely refused to confirm any details.

The site is in an area where any sales will be swift: individual house sites in the vicinity have hit the €500,000 level, and the greater Blackrock area has seen sales this year of period home from €750,000 to €2m-plus, the latter an off-market deal currently progressing by Barrington’s Avenue.

Given issues raised in the pre-sales run up to the Cleve Hill site, it’s possibly any new owner may seek permission to alter the existing planning on the wooded site, which is within a walk of the city centre and which slopes northwards from Cleve Hill to Monahan Road.

Meanwhile, also in Blackrock and in the heart of the suburban village, it is understood the owners of the Ursuline, the former historic convent building, have decided now not to progress with a sale, having put it on the marketwith Lisney for €3.75m earlier this year.

The building, converted to 27 large up-market apartments, will now be finished out by its owners who may opt later to sell off the units on an individual basis when fully finished.

The 27, including five penthouses, had been offered with best and final bids sought by April, and it’s understood that bids in excess of the guide had been received from investors. At the guide, the units were being valued at a flat average of €140,000 each.

And, investors were also to the fore in the pursuit of of 23 different residential units at Marine Gate, in Cobh, overlooking Cork harbour, now sale agreed for €2m plus. The buyer is a builder who is likely to continue to rent them, and to redo some (18 of the 23 were rented) before possibly offering them for resale later this year, or in 2016.

The Cobh mix was offered via joint agents DNG Creedon and Kevin Barry, and comprise mid- and end-townhouses, part of a larger 43-house development by Murrayforde, with the other 20 separately owned.

The purchase has income of €162,000 pa at present, and the price paid is just under €90,000 per unit.

Details

: DTZ Sherry FitzGerald, 021-4275454; Lisney, 021-4275079; DNG Creedon, 021-4897300, Barry Auctioneers, 021-4279677

More in this section

Lunchtime News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up
Revoiced
Newsletter

Our Covid-free newsletter brings together some of the best bits from irishexaminer.com, as chosen by our editor, direct to your inbox every Monday.

Sign up