Cerberus to place a number of high-profile Cork sites on the market

A number of Cork development sites bound up in the €800 million Project Arrow loan sale to US fund Cerberus (which had a par value in excess of €6bn, and sold by Nama) are being prepared for imminent resale for Cerberus.

Among the lots being parcelled out to several of the main estate agency firms in the southern city are lands at Hawkes Road, Bishopstown, including a small number of completed houses done by the Kelleher family’s 3G Partnership.

Also included is land at Ardrostig by the new Audi garage (the old Heitons builders merchants site), land at Carrigaline and residential development land on the old Carrigaline road/Carrs Hill, on the edge of Douglas village.

It’s close to where another major land bank went to market last week with Savills, loosely valued at up to €25m.

Likely to be most pursued is the compact Hawkes Road site. Value is in the region of €2.5m, according to sources. Planning was granted in 2006 for a 50-plus unit scheme.

Formal launches of the first of the handful of sites obtained by Cerberus is expected in the coming weeks with various agents.

• Meanwhile, officially put to market this week was the high-profile Port of Cork site by Custom House Quay, extending to 0.3 of an acre and floated by agents DTZ at €7 million. The site include the 1819-built Cork Harbour Commissioners limestone building, and the protected structure bonded warehouses. The site has river frontage on two sides, and includes a small marina/pontoon.

Details: DTZ 021-4275454