Commercial property: Developers jostling for suitable site acquisitions

THERE’S been quite a bit of jostling for site acquisitions for new homes around Cork city, with builders forced to closely analyse the pinch-points of successful acquisition of ‘raw’ stock/sites, versus likely sale margins, financing costs and sustainability/profitability.

The scrutiny will continue in the coming months as a small suburban site in Togher, Cork city, with a recently-lapsed planning for ten units, comes to market guiding €350,000 at Lehenaghmore/ Doughcloyne in Togher, on the cusp of the broader Wilton catchment.

It’s within a short run along the Togher Road from Tramore Road, where developers Tom Murray and Paul Forde of Citidwell Homes sold out their 28-unit Sheridan Park en bloc to the City Council prior to Christmas, for €7.55 million, representing a value-for-money win for the City Council at an average of €270,000 per family home for social housing.