Belmont Huts has harbour sights

There’s a rising tide of investment and development going in around Cork harbour, and hoping to capitalise on that are the vendors of a site called Belmont Huts, back for sale with a fresh grant of planning, and at multiples of its previous sale price just over two years ago.

Belmont Huts has harbour sights

The Cobh town/Cork harbour, south-facing site of just under three acres, is now guided at €1.1 million via joint agents Savills and Global Properties, and has planning granted after several Bord Pleanala appeals for 18 units.

With prior Department of Defence links (they sold it on on several years ago for c €3m, as a canny beneficiary), the site by Frenches Walk had gone to market in 2013 with a lapsed planning for 20 units, and had a guide of €165,000 via Global Properties who felt it might be bought for a smaller number of larger homes.

The exact selling price wasn’t divulged, but we reported it going at least to €265,000 in bids by December 2013 after Global confirmed active bidding activity by up to a dozen would-be buyers. It’s likely it made as much as €400k eventually, given the bidding momentum carrying on into early 2014, when developer/builder appetites began to get whetted once more for well-placed and accessible sites.

It’s now being sold on behalf of a company called Compass Homes, which secured planning post-purchase for 18 units. The mix includes eight c 1,700 sq ft semi-detacheds, and 10 detacheds ranging from 1,600 sq ft to 2,900 sq ft, all positioned for southerly harbour views, with design by architects O’Mahony Pike. “With the utmost of care and attention to detail, they’ve delivered a high end residential scheme of 18 units all of which command stunning sea views,” says Peter O’Meara, MD of Savills Cork.

Average site costs now at the €1.1m guide price equate to €61,000 per stand for the total 2.89 acre plot at Carrignafoy.

Mr O’Meara and Con Nagle of Global Properties say there’s now scope to develop a high end residential scheme “with unrivalled sea views stretching out beyond the popular tourist attraction Spike Island, towards Roches Point and Crosshaven.

“The British military knew what they were doing: this was a defensive position for guns in centuries past, surveying Cork harbour, and now, it’s an incredibly peaceful spot with a whole vista in front of it,” says Mr Nagle as he takes up his Belmont Huts sale position once more.

About 20kms from Cork city and with a commuter rail service, Cobh has an increasing tourism profile, is a popular location for cruise liners and the Titanic Memorial Garden is set at the foot of this site now floated once more for sale.

James O’Donovan of Savills adds that “the site offers a great development opportunity and we anticipate a strong level of interest. The benefit of full planning permission is a huge plus.”

Details: Global Properties, 021-4273038; Savills, 021-4271371

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