Sale agreed for Docklands
A conditional agreement has been reached for the sale of a large portion of Cork’s Docklands.
O’Callaghan Properties plan to purchase up to 31 acres of land on Cork’s South Docklands from current owners Origin Enterprises for future urban development.
The land, which contains the iconic Odlums and R&H Hall buildings, could cost O’Callaghan Properties as much as €47.5 million. The purchase and redevelopment is subject to a number of conditions including the relocation of existing businesses which currently operate on the land, to an alternative location in Cork.
Commenting on the agreement, Cork City South East Councillor Des Cahill said: “The purchase by O’Callaghan properties is a huge vote of confidence in Cork’s South Docklands.
“This large river fronted site provides a number of opportunities as well as challenges. The opportunity is to create a living urban community on this site.”
With Cork in great need of new residential developments, Cllr Cahill believes that the purchase offers a great opportunity for Cork’s inner city to create a “world class” suburb.
He said: “The historic buildings of the docks need to be incorporated and celebrated and long term public transport infrastructure needs to be integrated in the design of this new suburb.
“The most important element of any development in the South Docklands is that residential development is included.”
Also commenting on the agreement was Origin Chief Executive Officer, Tom O’Mahony who said: “We look forward to actively working with O’Callaghan Properties and the wider stakeholders to unlock the potential of this highly strategic asset.”