Jermyn Investment, the investment vehicle in which Treasury Holdings has a stake, along with Manor Park Homes have been selected by CIE as the "preferred buyers" for a 17acre site at Horgan's Quay alongside Cork railway station. The deal, if completed, will involve the payment of around £12 million to CIE for a new station.

The value of the site will depend on the size and range of uses eventually allowed by the planners. CIE may still opt for a joint development role in the commercial scheme which is likely to include a high-tech offices. CIE's decision to invite proposals for the development of the site followed a controversy in 1994 when a smaller portion of the land was sold privately to developer Owen O'Callaghan. That company withdrew from the deal, allowing CIE to put the larger site on the market. O'Callaghan Properties was one of the companies short-listed for the 17-acre site.