Ballincollig site cleared for flight

A significant CIF briefing in Cork today will address the issue of economics and viability of new house building in current market conditions and at today’s residential values — and, ironically, today is also when marketing starts on a top location site for upmarket new builds on Cork’s western fringes, between the affluent western suburbs and employment hot-spot Ballincollig.
Ballincollig site cleared for flight

Launching today, as an executor sale, is a site of 4.74 acres just off the Model Farm Road and at the city end of the Killumney road, next to St Oliver’s Cemetery.

It has planning for 27 houses, but one site’s being retained by the vendors.

The planning, recently topped up and good until 2021, is spot-on for the location, allowing for 16 large detached homes, and 10 more will be 1,460 sq ft four-bed semi-ds.

Previous comparable developments of larger homes in the vicinity include Hayfield, done by Ruden Homes, Hill Farm, and Limeworth.

This offer, with agents Trevor McCarthy and Joe McCarthy of Irish and European “has a current planning and design very suitable for today’s market, with strong demand for the type of house to be built,” they say, expecting interest from a range of local builders/developers, including those with ‘out of town’ funds and backers, as a number of prime Cork residential site sales in recent times have gone to non-traditional buyers.

“The location of the site is fantastic,” says Trevor McCarthy, noting it’s easily accessed off the Killumney road, the Model Farm Road, the Carrigrohane road and the south ring road network/Ballincollig bypass.

He doesn’t give a firm asking price, noting they are selling by way of formal tender, but likely values will be in the region of €2m-plus: at that sum, it equates to a little over €400,000 per acre, or €76,000 per house ‘stand.’

Services are to hand, and the land being sold comprises a level field currently in farming use, right alongside St Oliver’s Cemetery on the Killumney Road on the city’s western fringes, close to hospitals, colleges, and Ballincollig Town Centre, and employers like EMc and VMWare.

It comes as one of the more development-ready sites as a carrot for builders keen to get on site and to get selling, and will have a Part V element.

The original planning was granted back in 2011, and was recently extended to an application by architects Doyle McDonagh Nash, valid to May 2021.

The mix includes 10 four-bed semis of 1,460 sq ft, three four-bed detacheds of 1,840 sq ft, six six-bed detacheds ranging from 2,800 sq ft to 3,200 sq ft, and seven five-beds, of 2,050 to 3,284 sq ft. The ultimate price paid for this 4.74 acres will be keenly watched .

Meanwhile, the Construction Industry Federation today hosts a Cork Breakfast Briefing on the viability of new builds across the range of the housing sector and locations, being addressed by expert Frank Ryan of DTZ Sherry FitzGerald.

It comes as recent Cork land sales are as diverse as 46 zoned acres at Kerry Pike, with FPP for 139 units bought by O’Flynn Construction for €4.25m via Irish and European, for receivers KPMG, close to €100,000 an acre.

The Eir site at Cork’s Ballintemple is currently selling via Lisney for close to €4m for 5.1 acres, a high of €800,000 an acre, with lapsed planning for 140 units, mostly apartments.

The top bidder there is understood to be from out of Cork, as was the purchaser via DTZ of six acres at Cleve Hill, Blackrock Road, where Bridgedale Homes/Oaktree Capital paid €3m for low-density, up-market scheme on six acres with planning now sought for 30 units.

DETAILS: Irish and European 021-4277606

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