TWO land offers in Cork that have residential development prospects come to market this week, with agents CBRE, in Whitechurch, close to Cork city, and in Mallow, in north Cork.
The more valuable of the duo is at Castle Court, Whitechurch.
It has full planning permission to build 54 residential units — eleven at the location have already been completed — as well as some infrastructure already to hand, and development levies already paid.
Being offered for receivers McStay Luby is 10.27 acres at Whitechurch’s (pop c 650) Castle Court, about 10kms from the city, within the Whitechurch settlement boundary (Cobh LAP 2017), and the current planning is for a mix of semis, detacheds, and terraced homes, including four apartments and two retail units.
It’s priced at €1.2m by agent, Denis O’Donoghue, which equates to €22,000 per house ‘stand’, and who describes the previously built eleven homes as ‘high end.’
A new owner could seek to adjust the planning, with a new application, to suit current market conditions, if they wished, he adds.
Describing Whitechurch as “a satellite village with all the benefits of country living,” and close to major northside employment zones and Apple HQ, Mr O’Donoghue observed that there are no current ‘for sale listings’ online in Whitechurch, where recent sales included a three-bed semi, at €272,000, and a mid-terraced, 1,400 sq ft home, at €261,000.
This indicates good demand and low supply, he said.
Mr O’Donoghue said he expects “considerable interest from across the developer spectrum, as the desirability of the location, benefit of full planning permission, proximity to the northside of Cork city and its major employers, are all the ingredients needed to deliver a successful development.”
Also listed with CBRE, for receivers Tom Rogers and Jim Luby, are 19.3 acres at Carhookeal, Mallow, including the rundown, 1810-built Carhookeal House, with expired planning for 20 units.
Prior to rezoning, it had had FPP for over 200 residential units. It was the home of Mallow GAA, before they were relocated by Castlelands Construction to a major new facility in a land swap, and is now mostly zoned open space and amenity.