Cork development site offers potential for 249 new homes
A tract of 21 acres of development land in a western suburb of Cork city has been brought to the market by CBRE, which is quoting €4.75m for it. That is less than one sixth of the €31m that was paid for it during the Celtic Tiger era.
The vendors are receivers Tom Rogers and Jim Luby, acting for Government agency Nama.
Located at Garranedarragh in Bishopstown, it is in a sought-after residential area with nearby facilities including Bishopscourt Shopping Centre, Wilton Shopping Centre and it is convenient to Cork University Hospital and UCC.
It is located just 5.5km south-west of the city centre and only 2.3km from Wilton.
Munster Technological University, Bishopstown Community School and St Finbarr’s GAA Club are among the area’s facilities.
The site has a positive planning history as it had permission for 249 residential units, including 119 apartments, 130 houses and a creche.
This permission has just recently expired.
Denis O’Donoghue, of selling agent CBRE, says that while about 1,000 homes are expected to be built at 57 sites in the Cork city catchment area this year, about 40pc of these units will be for social use.
He estimates that full planning for almost 8,500 houses has been granted on over 675 acres, but no development activity is under way on those sites.
He also says that with no new stock built in the Bishopstown area since 2007, prices for three-bedroom semi-detached homes in the area have averaged €366,000 in recent times.
The site is also bounded by a significant tract of land to the south, zoned Strategic Land Reserved 6.
With the current city development plan under review, the possibility of a rezoning could put the owner of the subject site in pole position for future expansion southwards.
Scenic aspects of the site include frontage to the Glasheen River and some mature oak trees.
At one time John Barry of developer Castlelands Construction had planned to develop the site as part of a larger 100-acre project accommodating a park and ride facility, business park and a private medical campus.
CBRE has set the closing date for public tender bids for June 17, 2021.