Cork Quays Site Sale: €4.5M Terms Agreed
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- Patrick's Quay has reportedly reached sale agreement for a price exceeding €4.5 million.
- What: Sale agreement reached for a one-acre quayside site in Cork City.
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Cork City Quayside Site Sale Agreed for Over €4.5 Million
A prime one-acre site on Cork City’s St. Patrick’s Quay has reportedly reached sale agreement for a price exceeding €4.5 million. The identity of the buyer remains unconfirmed as of November 21, 2024. This deal signals continued strong investment in Cork’s waterfront development and potential for important residential, hospitality, or commercial expansion.
Site Details & History
The property,formerly a warehouse,is located on St. Patrick’s Quay and features protected stone and brick facades.It was previously controlled by developer Paul Kenny/The Kenny Group. The site’s listing by CBRE in late summer 2024 attracted considerable interest, primarily from Munster-based parties.
The one-acre plot is considered highly desirable due to its central location and potential for high-density development. Potential uses outlined in the listing included:
* Residential/Apartments: The strong residential bias in bids suggests significant demand for housing in this area.
* Hotel: Cork’s tourism sector is growing, making a hotel a viable option.
* Offices: The city is attracting tech and other businesses, creating demand for office space.
context: Cork’s Waterfront Conversion
This sale occurs within a broader context of significant development along Cork’s waterfront. Several projects are already underway or recently completed, transforming the area:
* Horgan’s Quay: New apartment construction is progressing under the auspices of the Land Development Agency (LDA), alongside BAM/Clarendon Group. This development builds on BAM/Clarendon’s previous success with offices near Kent Railway Station, anchored by Apple as a key tenant, and the Dean Hotel.
* Penrose Quay: JCD Group has completed office buildings at Penrose Quay and holds an interest in an adjacent undeveloped site.
* Premier inn (Morrison’s Island): A €30 million, 187-bed Premier Inn hotel opened two years ago on Morrison’s Island.
* Premier Inn (Brian Boru Street): Full planning permission was granted in late October 2024 for a 174-bed Premier Inn hotel on the former Coliseum/Leisureplex site at Brian Boru Street. The Whitbred Group purchased the half-acre site for €5.5 million in 2024, and construction is expected to begin in early 2025.
