Cushman and Wakefield has announced the release to market of an extensive landholding within the Ballyvolane Urban Expansion Area on the northern outskirts of Cork city.
Ballyvolane, the easily accessible suburb 3.5 km north-east of Cork’s city centre, is a sought-after location for residential and commercial development.
Its position by Cork city’s North Ring Road provides easy access to all arterial routes, which is attractive to business and residential users.
The lands subject to this offering are located in Lahardane, fronting the Ballyvolane Road.
There are a number of established residential developments close by, such as the Ballyvolane Shopping Centre, Fox & Hounds Neighbourhood Centre, Lidl and Applegreen.
Seamus Costello, of Cushman and Wakefield, says he expects considerable interest in these parcels, as this is an established and convenient residential location with a host of local amenities and services nearby.
He asserts that this release brings forward the potential for a sizable amount of housing on Cork’s northside.
The property extends to 42 ha (104 acres) in total, presented in two separate greenfield lots, both with substantial road frontage.
The eastern portion is a 32.4 ha (80 acres), irregular, boot-shaped parcel sloping gently east to west toward the Ballyhooley Road. The western portion is largely rectangular, sloping west to east, with frontage to the Ballyhooley road.
Under the Cobh Municipal District Local Area Plan (LAP) of August 2017, the lands are contained within the 260 ha Ballyvolane Urban Expansion Area (BUEA).
This earmarks the region for the provision of a new, mixed-use, neighbourhood incorporating residential, business, retail, community, recreation, open space and servicing infrastructure.
Zoning under the plan for residential and business objectives is likely to be the most relevant to potential investors interested in the two parcels.
It is envisaged that around 3,000 housing units will be built in phases across the entire BUEA, along with accompanying infrastructure projects.
Costello says this is an excellent opportunity to acquire a zoned landholding of scale in an urban expansion area and he expects strong interest.
He contends that the area is recognised as an important element to the overall delivery of new housing in the overall Cork Metropolitan region.
He also comments that Cork development land market is very active at the moment, with residential zoned land, in particular, in strong demand.
There are now, he says, numerous new residential developments under construction to cater for the demand for new housing.
Allowance will need to be made for the fact that any development undertaken on this scale will need to provide for networks of new service roads, some of which are very likely to run through the subject lands.
These plots are guiding at €5.5m for both parcels together.
Further information from Cushman and Wakefield on 021-4275454.