Cork, 6th May 2021 - CBRE on the instructions of Joint Statutory Receivers Tom Rogers and Jim Luby, appointed by the National Asset Management Agency, have today launched arguably one of Cork’s most highly anticipated development land sales of the past 10 years. The site in question comprises 21 acres of prized development land located at Garranedarragh Bishopstown.
Bishopstown is one of Cork’s most established and affluent suburbs and is located just 5.5kms south west of Cork City Centre and only 2.3kms from Wilton. From a residential development perspective Bishopstown would be deemed a high demand location owning to its ease of access, proximity to Cork City Centre, local amenities in Bishopstown including, Bishopscourt Shopping Centre, Wilton Shopping Centre, Cork University Hospital which alone has over 3,000 staff, Munster Technological University, Bishopstown Community School, St Finbarr’s GAA Club and a host of other facilities. The area also hasn’t seen any substantial private housing development delivered in the past 14 years, the last development was Bridgefield in Curraheen, built in 2007 by Brideview Developments.
The site itself which contains the remnants of Garrane House, frontage to the Glasheen River and some majestic oaks, is mainly nestled behind the Dunnes Stores Bishopstown Court Shopping Centre. The site has a leg running north to the N40 South Ring Road which is designated for pedestrian access while a leg running west to the famous N71 West Cork Route just south of the Bandon Road Roundabout is the proposed vehicular access point.
In 2006 a Part 8 permission which remains live, permitted the development of a roundabout access point to the site off the N71. This roundabout however was proposed in order to facilitate a much larger development at that time when the promoter Castlelands Construction had designs on not only providing housing on the subject site but also proposed a large Park & Ride facility, a business park and a private medical campus on over 100 acres of adjoining lands then zoned greenbelt, to the south. As time has moved on through some of the most extraordinary events in modern Irish history such ambitions may now give way to the reality that a more modest and less costly signalised junction could facilitate the needs of car bound traffic. The advent of mass home working in the wake of Covid 19 and the promotion of public transport in support of a greener environment are now much more in focus when it comes to modern housing estate design and the shape of future infrastructural requirements will no doubt follow suit.
The site has a positive planning history and in February 2011 received permission for a 249 unit residential development which included 119 apartments, 130 houses and a creche. This permission was extended for an extra period of five years in 2011 and expired earlier this month.
The site is also bound by a significant tract of land to the south zoned Strategic Land Reserved 6. With the current City development plan under review the possibly of a rezoning could put the owner of the subject site in pole position for future expansion southwards.
CBRE Cork who track over 5,000 acres of residential development land across just over 400 sites in the Cork metropolitan area note that only 30% of these lands fall into the realm of development. This includes over 700 acres with full planning for almost 9,000 houses but with as yet no development activity, 235 acres comprising 3,500 units either subject to planning permission, refused, appealed or pre-SHD and finally there are 57 sites in the metropolitan catchment now deemed to be under construction. Developer led output across social and private schemes is estimated at just 1,000 units for 2021 given the effects of Covid 19 level 5 lockdown on the development industry. Interestingly CBRE estimate that just over one third of all units delivered in 2021 will be destined for social use. Also the number of social sites under construction could also double in 2021 as 27 additional social housing sites now having planning permission for 1,028 units.
Cork has an exciting future and is set to become the country’s fastest growing city over the next 20 years under the 2018 launch of the National Planning Framework Strategy (Ireland 2040). Cork has laid the seeds of a robust and resilient economic base particularly in the biopharma and ICT sectors, for example Apple’s European Head Quarters was established in Cork in 1980 and today has over 6,000 employees. Other businesses of scale include the likes of DELL/EMC, VMWare, Johnson Controls, Pepsi, GE Healthcare and most recently Apple who announced their move and expansion to the South Dockland’s ‘Horgans Quay’ development which will cater for around 400 staff. All such activity points to continued strong underlying demand for quality housing in the best locations.
Denis O’Donoghue from selling agent CBRE says that he expects considerable interest from across the developer spectrum. This is a site that has been long anticipated, it is in a prime location, has a positive planning history and local market research indicates that the area is severely under supplied.
The site comes to the market by way of Public Tender due 17th June 2021 at a very competitive asking price of €4.75m.
More information is available at https://garranedarragh.ie/
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