A huge €47m land deal paves the way for a near €1bn waterfront precinct on Cork’s south docks which could sustain thousands of residents and thousands of new jobs.
News of the largest ever single property deal in the city emerged yesterday just days before details are due to be released of an ambitious plan for a near 30-storey skyscraper on another key docklands site nearby.
Agri-services company Origin Enterprises confirmed yesterday it has reached a “conditional agreement” to sell 31 acres of land it owns on several sites in Cork’s south docks to O’Callaghan Properties.
The site contains waterfront real estate running east from the city, several landmark buildings including the R&H Hall grain silos and the historic red-brick Odlums building. It extends southwards to include the Gouldings fertiliser complex
It is hoped a mixed-use project here, which property experts say could represent an investment of up to €1bn and take over a decade to deliver fully, will create a new city precinct, with thousands of new houses, offices, shops, cafes and restaurants capable of sustaining up to 15,000 jobs.
There are an estimated 4m sq ft of development potential on the site, with a requirement that 40% be set aside for residential.
It prompted calls from Fine Gael councillor Des Cahill last night for the Government to introduce measures to incentivise apartment construction.
The conditional agreement to sell the site was announced to the Irish Stock Exchange yesterday.
(Sources Irish Examiner )