It’s the third time the former industrial site has been sold on since it was vacated in 2003 by electrolytic manganese dioxide producers, the Japanese firm Mitsui Denman, who’d come to Ireland in the 1970s.
First time on resale, the Mitsui site at Little Island made €15m, when close to 100 acres was bought by South Coast Transport and SWS who’d planned waste disposal and energy uses on it.
In 2006 they sold on 32 acres, to Howard Holdings for €30 million/€1m an acre,who planned to use it for decanting port-activities from the city.
Now, it has now successfully been bought by John Cleary Developments for 10% of what Howard Holdings paid, after a tender sale process, for an unconfirmed sum, likely to be well over its €2.2m guide.
It’s now likely to have higher-value end uses than envisaged in its several previous purchases and ownerships, and has sold for KPMG.
Although not commenting on the price paid, or as-yet on future possible uses, a spokesperson for JCD confirmed their purchase of the 32.5 acre land bank, located on the western end of Little Island and said “the site is strategically located less than a kilometre from the Dunkettle Interchange and is ideally suited to commercial and industrial uses.”
The land forms part of the original, former Mitsui Denman plant at Little Island, and has been billed as being capable of a significant business/logistics hub for the city and eastern quadrant, as the adjoining East Gate park on over 120 acres comes closer to fuller occupation, having started its mix of office, retail park and auto-malls in the early 2000s: the latest arrival at East Gate may be the UK DIY and garden store, The Range, currently expanding into Ireland, but its arrival in Cork is not yet confirmed.
The Mitsui site was sold by agents Rob Coughlan and Brian Olden of Cohalan Downing for KPMG, and it’s Mr Olden’s second time selling this increasingly strategically-located landbank, with scope for a new ‘EastGate’ type development or other mixed commercial/business uses.
The price paid now is understood to be close to €100,000 per acre, in marked contrast to land at Little Island offered and sold in the early to mid-2000s, at places like Wallingstown, at €850,000 to €1m an acre.
Development at the now-transacted Mitsui land will be subject to planning permission, and is one of several key sites close to the Dunkathel interchange which will be stepped in activity and value up once the interchange is upgraded.
Mr Olden said there had been a very good level of interest and several tenders, primarily from local/Munster developers.
New owners JCD manage 1 million sq ft of developments, with a 20 year track record now in Cork, from warehousing in Blackpool, moving on to high-end offices plus medical facilities in Mahon’s City Gate, and the recently completed One Albert Quay offices, and Capitol Cinema project.
: Cohalan Downing 021-4277717