Instant wave of interest stirred by prime lands near Cork city
An aerial view of the three lots of land for sale in the townland of Arderrow, near Ballyvolane, Cork. With over 53 acres of development land and industrial units for sale, buyer interest will range from local to overseas.
Overseas buyers are already asking to get a sneak peek at a 53.2-acre property new to the market on the outskirts of Cork, a rare sale of prime development land just 5km from the city centre.
The site is located in the townland of Arderrow, just off the Rathcooney Road on the northern outskirts of Cork city. It comes to the market by way of private treaty in one or more lots, and at an asking price of €3.2m.
Located in a pivotal development area, with easy motorway access to Limerick and Dublin motorways, this strategic development land also contains income-producing industrial units. Good quality farming land for sale in three plots, one plot is let under a short term rental agreement to a neighbouring farmer.
Joint selling agents CBRE and ERA Downey McCarthy are selling the property on the instructions of the executors of the estate of the late Michael Donovan. Both selling agents are excited by the surging interest that this property has already aroused.
In line with the National Planning Framework, local authority projections for Cork point to an anticipated jump of up to 125,000 more people living in Cork city by 2040, with the creation of 31,000 new jobs. The development of properties like the three lots at Arderrow will be essential for Cork in the delivery of its ambitious growth plans.
Denis O’Donoghue, of CBRE, said: "The excitement about this property is completely understandable. It's not often that we see development land of this quality and scale so near the city centre coming on the market. I'm expecting considerable interest from across the developer and investor spectrum.
"The site offers immediate income from the industrial units and the land where there is currently very strong rental demand. The lands are priced at a very competitive level that will see substantial appreciation in value over the longer term."
The property is located in Ballyvolane, and more specifically in the townland of Arderrow just off the Rathcooney Road on the northern outskirts of Cork city. The property is just 5kms from the city centre and 3.8kms from Glanmire. The North Ring Road and landmark Horse & Hounds bar lies just 1km to the south.
"Ballyvolane and the surrounding local area has in recent times become the focus of major residential development activity," added Denis O'Donoghue.
Indeed, this is reflected in planning being granted for a 753-unit development at Lahardane in May 2020, while planning for a 275-unit development on Ballyhooley Road is currently in the fast track SHD planning stages.
Meanwhile, 162 units are currently back in the pre-planning stage on the North Ring Road. Numerous smaller developments are also planned for the area, particularly around Banduff.
The property itself contains 53.20 acres of prime land of which approximately 47.55 acres is proposed to be zoned Tier 3 Residential in the current draft City Development Plan, while 5.65 acres are zoned Open Space.
Tier 3 Residential zoned land has longer-term development prospects but 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.
Sean McCarthy, of ERA Downey McCarthy, said: "Everyone is aware that demand for residential property is reaching critical levels in all urban areas. Meanwhile, scarcity of residential development land is exasperating the problem. With this in mind, the expected timescale for the development of Tier 3 zoned lands is likely to be greatly shortened in the near future."
The lands divide naturally into three lots, including:
- extends to approximately 17.87 acres of land which fronts Rathcooney Road. Approximately 12.41 acres are zoned for Residential development while the balance of 5.65 acres is zoned Open Space.
- contains approximately 13.93 acres of land along with a complex of light industrial units extending to 4,491 sq.ft. all of which are rented and are producing an income of over €55,000 per annum.
- contains approximately 21.40 acres and is a large level open field entirely in agricultural use at present.
The entire property comes to the market via joint agents CBRE and ERA Downey McCarthy with an asking price of €3.2m. The property is available for sale in three separate lots or in its entirety.
The price for the proposed Tier 3 Residential zoned lands is set at €55,000 per acre. This makes an interesting comparison against Cork’s biggest residential land sale in 2021 when over 100 acres of zoned residential land in Stoneview Blarney achieved almost €70,000 per acre.
"The value of this land at Arderrow is sure to appreciate rapidly," said Sean McCarthy. "It is rare for land of this quality in such a prime location to come up for sale. You can appreciate why it is exciting such immediate interest."
More information is available at www.arderrow.ie
One Albert Quay, Cork.
T: 353 21 491 7255
60 South Mall, Cork.
T: +353 21 490 5000
