An almost one-acre site in Cork city centre, suitable for residential or hotel development, has come to the market with a guide price of €4.5 million.
The sale of the site on Patrick’s Quay by private treaty is being handled by CBRE on behalf of a receiver who does not wish to be identified.
CBRE said the site, which is situated 200m from Kent Train Station, offers “significant potential” for a variety of uses, although this is subject to planning permission.
It said the site benefits from “excellent connectivity” and is within walking distance of key city amenities, including Patrick’s Street, which is the city’s main retail area.
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A feasibility study has been carried out, which found the site has potential for multiple development options, including residential, hotel or aparthotel, or a combination of hotel and residential uses.
The surrounding area features a mix of commercial premises and low-rise residential developments. In recent years, the immediate vicinity has seen significant investment, with office developments delivered at Penrose Dock and Horgan’s Quay.
The property includes a collection of Victorian-style warehouse buildings, featuring brick and limestone facades with pitched slate roofs. The majority of the site was, until recently, in use as a car park.
CBRE said it anticipates “strong interest” from a range of developers and investors seeking a “high-profile development opportunity” in one of Cork city’s “most desirable locations”.
CBRE’s Cliona Lenahan said: “Patrick’s Quay presents a rare opportunity for developers and investors to acquire a strategically-located site in the heart of Cork city. Given its scale and prime location, the site is well-suited to a wide variety of potential uses.
“We anticipate strong interest from both domestic and international parties, particularly those focused on delivering much-needed housing in Cork city.”
