Berry nice: 53 acres for the picking at Rathcooney

Sources say a land deal with FPP worth over €20m is being quietly marketed at Cork's Rathcooney: this offer is priced at €3.2m

Rathcooney and Ballyvolane are lining up for development of over 1,500 new homes just north of Cork city. This 53 acres at Arderrow now joins the fray, guided at €3.2 million by joint agents  CBRE and ERA Downey McCarthy

The arrival for sale last week of 53 acres of land at Rathcooney, Cork, has put into focus the area’s future strategic growth for residential development.

Plans for over 1,500 homes are either granted or advanced in the planning/SHD pipeline just beyond the North Ring Rd around Ballyvolane, Rathcooney, and the Fox & Hounds landmark hub, with unconfirmed reports of one site with planning for 750 units in place, attracting possible buyer interest at sums in excess of €20m, or €30,000 per housing units, in a low-key market offer.

Separately, major Cork developer O’Flynn Group is in the SHD process for 275 units (205 houses, 70 apartments, and services/amenities) at a site near Lahardane, while a recent compact development land sale has seen over €100,000 an acre secured, according to sources.

Now added to the development mix is the 53-acre holding at Arderrow, just off Rathcooney Road, with a price guide equivalent to €55,000 an acre and available in three lots via joint agents CBRE and ERA Downey McCarthy.

The sale, on behalf of executors of the estate of the late Michael Donovan, includes industrial buildings producing a current income of €48,600 pa, and farmland let to a local farmer.

The property has a €3.2 m AMV and has 47.55 acres set for Tier 3 residential zoning; 5.65 acres are zoned open space.

Denis O’Donoghue of CBRE and ERA’s Sean McCarthy say “investment in land is seen as an excellent hedge against inflation. As surrounding developments progress and investment is made in infrastructure, the value of these lands is expected to appreciate significantly over time.”

DETAILS:

Details: CBRE 021-4917255,  www.cbre.com

ERA Downey McCarthy 021-4905000, www.eracork.ie