Good Shepherd Convent purchased

A Dundalk firm whose directors are linked to major Northern Ireland and UK developers McAleer & Rushe has emerged as the buyer of the Good Shepherd Convent in Sunday’s Well, above Cork city. Moneda Development was set up earlier this year, and directors include Eamonn Laverty and James Higgins of McAleer & Rushe, who specialise in design and build, asset management, construction and multi-use projects.

Good Shepherd Convent purchased

The high-profile convent site went to market earlier this year as part of a break up of the €503m Project Clear/Ulster Bank portfolio sell off, which had been acquired by Cairn Homes and Lone Star.

Also included in the c €30m Cork sell-on of Project Clear assets was lands at Castletreasure, Douglas, guiding up to €27m, and a site at Dennehys Cross near UCC. All three had been owned/previously acquired by the Frinailla Group.

The Good Shepherd site is the first of the three to find new owners, in a deal negotiated by Savills, floated at €1.5 million, a price level similar to the Dennehys Cross site.

The Good Shepherd deal, in excess of €1.5m, went to best bids among four parties, and Cairn Homes has said it is “very pleased with the result.”

McAleer & Rushe is based in Belfast, and Mondeda’s directors may seek planning for a significant residential development, located by the City Gaol Visitor Centre, and the Apple plant at Hollyhill, with access via Convent Avenue and Buxton Hill/Sunday’s Well Road.

One of a number of ‘out-of-town’ developers currently active in the land/site purchase market around Cork, Moneda may build a density scheme of high quality apartments on the 7.8 acre site, which includes the abandoned and subsequently fire-ravaged convent building, which was a ‘protected’ structure.

It was bought initally by UCC in 1995, and sold on to developer Pat Hegarty, who resold to Frinailla (banked by Ulster Bank and gone into a KMPG receivership in 2010) for €20m at market peak.

Frinailla got planning in 2006 on appeal, for 260 apartments on the grounds, in new builds. When offered in May 2016, agents Savills noted its suitablity for residential development, private hospital, retirement home or nursing home.

Meanwhile, also close to a sale conclusion, and reportedly to investor/developer Sean Keohane, is the former Clifton Convalescent Home (run by the Good Shepherd Sisters) in Cork’s Montenotte, with 30,000 sq ft of buildings on 3.5 acres.

Previously on the market in 2008, guiding €4/5 million, it was priced at €1.2m last year by agents Cohalan Downing.

  • Details: Savills 021-4271371, CDA 021-4277717

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