Tiny ‘old triangle’ site guiding close to €1million

A postage-stamp sized site in the heart of Cork City, which was bid upon by US-based developers earlier this year up to a reported €1.3m, is among the 200 lots at the December BidX1 end-of-year online auction.

Tiny ‘old triangle’ site guiding close to €1million

Guided now at €950,000, the triangle of 0.07 of an acre at Clontarf Street has a lapsed planning for a nine-storey/31,000 sq ft office building, proposed at one stage by Cork developer Tom Coughlan, as a Cork equivalent of New York’s famed and far larger Flatiron building.

It’s next to the bus station, and former warehouse buildings running back to Parnell Place, which were sold last year by Cork City Council, acquired by Brehon Capital for redevelopment as a hotel, hostel and restaurant.

Listed with BidX1 as Lot 150, this adjacent ‘old triangle’ had previously been marketed by CBRE with a €1m price tag, and according to sources a bidder on it around the €1.3m mark, was New York based Kevin O’Sullivan, whose company Times Square Construction was the purchaser (subject to planning) of the Port of Cork site where a very tall tower is being proposed. Earlier this month, a Times Square company spokesperson said its Port of Cork site tower plan was unaffected by a €67m fine levied on a company Navillus and his brother Donal O’Sullivan, by a US Federal Court for labour law violations.

The city centre site is one of at least half a dozen Cork commercial/development lots, worth €8-10 million all-in, lined up for the December 13/14 BIDX1 auction which is expected to net about €50m overall nationally.

Also in the Cork mix are several land parcels previously associated with Coleman Brothers, including 14 acres at Bawnafinny, Blarney, with a previous planning grant for 156 units. It’s guided at €3.095m, or €20,000 per ‘stand,’ ahead of a Foxrock south Dublin site with planning for 20 apartments, guided at €2.9m, or €130,000 per ‘stand.’

Also due for auction disposal is two acres at Milestream, Shanakiel, near Apple HQ in Cork with planning for 38 residential units granted in August 2017, which is guiding €1.835m (€48,000 per stand), as well as a mixed-use lot in Ballinacurra, Midleton comprising a former grainstore/mill, office, four houses on 8.75 acres, guided at €1.6m.

Richard O’Neill, director at BidX1 said the latter half of 2017 had seen development land performing strongly “and this trend is likely to continue in December with 20 sites going under the hammer.” Given the level of demand in locations like Foxrock, Blarney, and Midleton, the sales “should spark plenty of developer interest,” he added.

Included in the commercial mix on December 14 are a number of restaurant premises and investments nationally, Leisure investments include a restaurant with offices overhead in Rathgar, generating €70,000 p/a and guiding €950,000, while another, restaurant/takeaway trading in Howth as Beshoff Bros guides at €825,000. The former Castle Inn in Rathfarnham guides at €750,000, and a restaurant investment on Dublin 1’s Capel Street, Dublin 1, let to King 7 Bar & Restaurant for over €100,000 p/a is guided at €600,000, while a former public house with overhead apartment on Blackrock’s Main Street guides at €375,000.

Also offered are office, industrial and retail buys, such as 17 French Church Street Cork city guiding at €430,000, while in Co Waterford, the former 23-bed Waterford Manor Hotel, at Killotteran, has 32,000 sq ft with function room, on 16 acres, guided at €700,000.

Residential lots get offered on December 13, with the top price reserve of €1.8m attached to a Temple Road Dublin 6, five-bed home called Ellington.

Formerly known as Allsop Ireland, and rebranded in August 2017 after a buy-out, BidX1 is this country’s s largest auction company, with a worldwide reach thanks to its online bidding platform, and 77,000 registered users.

Details: www.bidx1.com 

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