PepsiCo buys two more sites in Cork's Little Island
PepsiCo has bought five acres in two lots at Cork's GB Business Park, for c €1.5 million
GIANT drinks concentrate company PepsiCo has bought two sites in Cork's Little Island, where it has had a base since 1974, growing to 500 employees, across three Cork locations.
The global food and drinks conglomerate has acquired nearly five acres, in two portions, at the GB Business Park next to Cork Golf Club.
PepsiCo is already on site clearing for construction and the price paid - about €300,000 an acre - is reckoned to be the strongest for pure industrial sites in the Cork area since the Celtic Tiger days.
The company paid more than €1.25 million for 4.5 acres and close to €200,000 for another 0.4 acre triangle site in Little Island, and they are onsite clearing them.
Both deals were done by Declan Hickey of Casey & Kingston (C&K), who declined to confirm PepsiCo as the purchaser.
Apart from its already expanded Little Island facility, beverage company PepsiCo invested €100m in a new plant at Carrigaline, Cork, back in 2003. It also has a shared services office in East Gate, near Little Island.
At c €300k per acre, the PepsiCo land sale sees one of the strongest per-acre prices secured in recent times.
During the Celtic Tiger Era, they soared to as much as €1m an acre, before slumping back to €100,000 per acre, and have been slowly climbing back - albeit to 25/30% of boom-time prices.
C&K's Mr Hickey also just sold five acres of land with a lapsed planning grant for 70,000 sq ft industrial space at Killacloyne, Carrigtwohill for c €900,000, or c €180,000 per acre, to an undisclosed end user/owner-occupier
