Lisney look to sell land fronting River Lee

Having sold five acres of prime house building land in Cork’s Ballintemple to Dublin-based Centurion Homes for close to €4 million, or €800,000 an acre, agents Lisney now have a different scale of land sale across the city, fronting the River Lee above Ballincollig at €30,000 an acre.
Lisney look to sell land fronting River Lee

Centurion Homes, which is associated with Clarendon Properties and is currently selling new homes in Kinsale at the Cluain Mara development,  next to Cork Constitution.

The keenly-contested Ballintemple land close to suburbs like Douglas, Ballinlough and Blackrock had a planning grant for 140 units, mostly apartments.

Lisney agent Ed Hanafin said contracts had been signed, but he declined to identify the purchasers, named by other souces as Centurion Homes.

The Eir/Eircom site had been put to market several times previously but was withdrawn by the telco company, who’ve now benefitted from an uplift in site values.

About a dozen parties made bids, including local and national building firms. It’s understood to be one of several Cork housing sites being acquired by Centurion Homes, headed by Dubliner Mark Leonard and Corkman Noel Barry, who see value and potential in the Cork market.

In contrast with the Nemo nine-acre site sold three years ago for €3m to unidentified speculative buyers and lying idle, the Eir infill site at Ballintemple is likely to be developed in the near future, and may see plans drawn up for less than 100 units, to a more market-friendly mix of house types.

* Meanwhile, a different scale and type of site is fresh to market this week jointly with Global Properties and Lisney. They bring 25 acres of previously industrial-related land with extensive frontage to the Lee, half a mile below the Inniscarra dam.

It contains some large and high-roofed buildings, and was previously used by John A Wood (though they are not identified as the vendors) for the manufacture of concrete roof tiles and related products. JAW have a number of other large holdings, including quarries, in the Classis/Ballincollig area.

This sizeable mix includes land and acres of asphalt/concret hardstanding, a detached 31,000 sq ft industrial unit with two storey office element, and a further 10,000 sq ft store with 1,600 sq ft of offices. It equates to just €30,000 an acre at the quoted €750,000 guide price.

“The most attractive feature of the property is its large site area: it will suit various industrial, warehouse and storage uses,” says Mr Hanafin, who states the 6.6m eaves and higher internal sections give it a particular appeal.

Its special riverside location might encourage other, more imaginative uses, including possibly adventure sports. It’s in a scenic, wooded valley section 2.5km from Ballincollig town centre and 1km from the Ballincollig bypass by Classis.

The quoted sale price is €750,000, and this equates to €17.50 psf on the overall building floor area, or just under €30,000 per acre.

DETAILS: Lisney 021-4275079 Global Properties 021-4877133.

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