Tommy Barker reports on quay deals for future dock developments.
Cork’s moth-balled dockland development ambitions got a boost with last week’s formal launch of the €50m One Albert Quay John Cleary/BAM 175,000 sq ft office block, right next to City Hall and the Elysian tower.
And, now, another as-yet undisclosed investor is closing in on a far-larger site for medium to longer-term docklands redevelopment, paying close to €1.5m for c 4.5 acres via Lisney.
Agent Edward Hanafin of Lisney said there had been good interest in the former Southern Fruit site of 4.65 acres — with about four acres net, due to an access lane to Mill Road — between the Marina Commercial Park, accessed from Centre Park Road and touching Kennedy Quay. It’s just shy of the €1.5m guide, with a deal set to close shortly.
It had been previously been acquired by Howard Holdings a decade ago for €10m, when dock values soared to €8m for half-acre sites. One such €8m half-acre sale at peak buying frenzy was the old Doyles warehouse site, which since re-sold via receivers for over €2m to John Cleary Developments, who have joined forces with BAM for One Albert Square now being marketed by Savills and DTZ.
At Friday’s official sod-turning ceremony, performed by Taoiseach Enda Kenny, Pat Ledwidge of Cork City Hall was praised for helping to expedite the site’s construction for main tenant Tyco.
Mr Kenny said the project sent out a flare for the vision for the quays and ”looking ten years down the line, to where Cork wants to be”. Southern Fruits, indeed.
Details: Lisney, 021-4275079
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