The largest of six army barracks sales was formally sealed yesterday in a €41 million deal, which is set to transform a Cork satellite town.
Built in 1805 to protect the supply of gunpowder, the sale of the former Murphy Army Barracks at Ballincollig, Co Cork, is the largest of the six barracks sell-offs, following a decision taken by the Minister for Defence, Mr Smith, to sell the sites in 1997.
The Minister said the €41 million received from developers O'Flynn Construction will be directly invested in the Defence Forces and will be spent on upgrading equipment and infrastructure.
Meanwhile, plans are underway for an extensive development, including commercial, offices, public administration, retail services and residential schemes at the 91-acre site.
This will result in a massive transformation of the town centre.
The satellite town, which has undergone massive growth in the last decade, will also benefit from the sale of the military site.
The Minister directed that 27 acres be handed over to Cork County Council, with five acres held for civic development.