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.

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.