Former IFI plant bids may lead to new use and jobs

After years in abeyance, Cork harbour’s infrastructural asset Marino Point may be poised for new uses and employment, subject to its multi-million euro sale being ratified by Nama in coming weeks.

Four to five ‘best bid’ expressions of interest — including from possible front-runners Port of Cork — were received last Friday by selling agents DTZ for the former IFI plant on 114 acres, with deepwater jetty and rail link.

Estate agent Frank Ryan of DTZ said he was confident a sale would follow from the process, but he declined to say if a preferred bidder had emerged from the process.

It’s likely details of the bids will be further teased out, and then receiver David Hughes of Ernst and Young will make a recommendation on disposal to Nama. It’s understood that whoever emerges as the buyer, the site will find new harbour-based uses and provide new jobs as well, indicating there’s been no speculative bids made on it.

Apart from its appeal to Port of Cork, thanks in part to a rail link, it could also suit the likes of the Doyle Group or Ronayne/Mainport Group, as well as biomass/energy groups.

It’s understood that some of the four or five offers are relatively close to, but fall short of, the €7m guide price.

The former IFI fertiliser plant last sold in 2003, for a reported €23 million, to former publican the late Hugh O’Regan who was also involved in the planned redevelopment of Kilternan on 330 acres in south Dublin, which sold recently via Colliers for c €7m to the Comer Brothers, after a c €180m investment in it.

Details: DTZ Sherry FitzGerald, 021-4275454


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