Prime residential lands in Douglas, Cork on the market for €20 million

Cork’s first major post-recession sale of residential development land with full planning permission has been launched, with 42.99 acres of prime development land in Douglas put on the market.

The prime residential land, at Maryborough Ridge, Moneygourney, Douglas, has been put on the market by CBRE, on the instructions of NAMA-appointed receiver George Maloney of RSM Ireland.

CBRE said its sale will be a “key barometer” in assessing the health of the Cork development market, and selling agent Denis O’Donoghue said he expects “considerable interest” from across the developer spectrum.

The lands are being offered in a single lot and comprise an area of 18.65 acres with full planning permission for 198 houses and a creche along with a further 24.34 acres currently zoned for medium density residential use.

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The deal involves the granting of a licence to develop the 198 units, for which there is full planning permission, along with an option to purchase the remaining zoned lands at a future date. The licence has a guide price of €12.9 million, which is to be paid upfront, with the remaining consideration paid in instalments as houses are built and sold. The option lands are guided at €7.3 million.

“This structure provides an opportunity for a broad range of developers, and ensures housing is delivered in the short term in an area with significant pent up demand,” CBRE said.

The land lies adjacent to the Maryborough Ridge estate where there are 353 residential units in a mix of traditional family housing, duplexes and apartments. The latest phase of this development was carried out by the receiver, and consisted of 20 detached houses which sold for in excess of €500,000.