Carey Tools get new bearings after Sextant and larger site sale to JCD

Following €7m site sale, Carey Tools switch relocation base to €2m building purchase in Cork's Doughcloyne: no start date yet on 25-storey 'build to rent' apartment tower

Thu, 20 May, 2021 - 07:12

Property Editor Tommy Barker reports

A MULTI-MILLION euro relocation game of business musical chairs has been playing out among successful Cork companies, and playing into key site development moves such as Carey Tools on Albert Quay, despite Covid-19 strictures.

On the move in Cork City are Carey Tool Hire, now set to relocate to a 20,000 sq ft unit No 1 in the Doughcloyne Industrial Estate, a building bought-off-market for just under €2 million.

Doughcloyne unit sold to Carey Tool Hire for c€2 million after expanding firm South Coast Sales moved across the road to a larger 40,000 sq ft unit bought for c €3 million

That building was sold by the highly successful family-owned South Coast Sales, who import and distribute a wide range of plumbing products.

That expanding company, SCS, has in turn just moved to a 40,000 sq ft unit across the road in the same western suburbs estate, sold by Savills and acquired for SCS by Sean Healy of Cushman & Wakefield, with that company's employment growing to over 40 jobs, in an unconfirmed investment likely to be over €5 million.

South Coast Sales' new 40,000 sq ft premises at Doughcloyne Industrial Estate, Wilton, Cork

Meanwhile, Carey Tools have confirmed a sudden change of direction and a different relocation site for their 60-year old family-owned firm.

Careys had acquired a pivotal three-acre relocation site by the Kinsale Road Roundabout from developers John Cleary Developments (JCD) Group after selling their Albert Quay property and Sextant Bar to JCD, for an unconfirmed c € 7 million.

Then, Careys last year achieved full planning for a 27,000 sq ft unit at the Kinsale Road site, passed by 100,000 cars daily, with scope for a second building there of similar size.

However, they’ve just opted instead to buy the ready-to-occupy unit at long-established Doughcloyne, by the Driver Test centre, buying from Declan Hickey of Casey & Kingston.

Already, JCD has demolished the Sextant Bar on Albert Quay, and now will get full possession of the long-established Carey ToolHire site next to office developments on One Albert Quay (by JCD) and O’Callaghan Properties’ (OCP's) Navigation Square.

Full planning was granted to JCD in early 2020 for a 25-storey, 201-bed Build to Rent/PRS apartment tower, at a likely value of €80-100 million designed by Henry J Lyons architects, but other site work hasn’t yet started with financial viability still holding up many PRS schemes in Cork with full planning in place.

Carey Tools MD Ken Carey confirmed their decision to purchase an existing ‘fit for purpose’ building in the easily accessed Doughcloyne estate and said they had no decision made yet as to what to do with the high-profile Kinsale Roundabout site, where they had been due to sign construction contract with vendor JCD after their Albert Quay site sale/part site swap.

Careys also own an adjacent half-acre yard city site at the start of Victoria Road and Centre Park Road, on the eastern side of OCP's Navigation Square, along with a site they bought from Nama on the Airport Hill.

The company, founded by Joe Carey and his wife Norma founded their business in 1961, initially starting in Andersons Quay where they also lived above their premises with young children.

They later moved to Albert Quay where further properties were added to their holding, including the old Metal Products premises, the Dainty shop, and the Sextant Bar, bought in 2003 and demolished in 2020 as part of a one-acre site clearance for a JCD Group mixed use/residential development, to include retention of listed old railway buildings.

Careys also have a presence in Ballincollig, Cork and Ennis Co Clare, currently employing 30 in Cork city with those jobs now due to transfer to Doughcloyne.