€6.75m for Cork city development land with planning for 202 homes

Peter O’Meara and James O’Donovan of Savills are seeking offers in excess of €6.75 million for a 7.8 acre (3.14 hectare) site in Cork with full planning permission for the development of 202 new homes.

Located in one of the city’s most sought-after residential locations, Sunday’s Well, the land is expected to be of particular interest to developers and investors engaged in the delivery of supply to the private rented sector.

The subject site’s existing planning permission allows for the development of 182 apartments comprising a mix of one, two and three-bed units, 20 four-bed townhouses, and a creche facility.

Peter O’Meara said the timing of the sale is “opportune”, coming as it does at a time when there is “a crucial need” for residential accommodation in Cork.

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The subject site is located immediately adjacent to Cork City Gaol, a popular tourist attraction, and within walking distance of both The Mardyke Sports arena and Fitzgeralds Park via the historic Daly’s Bridge.

Apple’s European Headquarters, which employs approximately 6,000 people, and University College Cork, which has almost 19,000 students, are both located within 1.5km of the site.

James O’Donovan said: “We expect a good level of interest in this property from both developers and investors locally and nationally given its location and the fact that it has full planning permission.

“There has been strong interest in the build-to-rent market for the last 18 months. This opportunity fits into that mould.”