The sale at public auction this week of a 1.25 acre house-building site in Cork for €845,000 shows builders are back to town — and bidding for sites.
An infill site, on the Skehard Road near Mahon, went 50% over its €500/€600 guide, with top bidder at the public auction being long-time Blackrock developer and solicitor Kieran Coughlan.
Up to a half dozen Munster bidders were in at the action at the DTZ Sherry FitzGerald auction, conducted by DTZ’s Frank Ryan, acting jointly with agent Kevin O’Sullivan.
Currently home to a five-bed bungalow, and at one stage ear-marked for a discount retailer but unsuccessful in planning, all focus switched to residential usage when brought back to market a few months ago by DTZ and O’Sullivan Estates.
Given the surge in the past three years in Mahon’s employment profile, and its burgeoning office base, it’s likely to take a residential development, either semi-ds or townhouses, and could accommodate 12 to 20 units depending on market positioning and house types.
The 1.25 acres along Skehard Road is close to a SuperValu, as well as to the Blackrock Hall Primary Health Centre and an Aldi, developed by Kieran Coughlan. It’s also near Blackrock itself, and to Mahon Point and John Cleary’s office developments and sites at City Gate and MaCom.
The latter MaCom site sold weeks ago for €4m via DTZ for 300,000 sq ft of offices in a circa €50m scheme.
“This sale is a really good sign and test of the market, there was lots of interest and bidders and a very good result. Skehard and Mahon has become a hot development area, and houses built here will have an immediate demand,” said Brian Edwards of DTZ.
Details: DTZ Sherry FitzGerald, 021-4275454, O’Sullivan Estates, 021-4273763.
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