Tech giant Apple is planning another major expansion of its European headquarters in Cork if a €1.25m land disposal deal is approved.
A 10-hectare landbank immediately north of its huge Hollyhill campus on the city’s northside has been identified by Cork City Council as suitable for disposal to the IDA, in two separate lots.
As The Irish Examiner reports, the first lot will come before city councillors for discussion and decision on Monday week, April 11th.
It follows a number of high-level talks and pre-planning discussions involving Apple and the IDA, and the IDA and Cork City Council, in recent months about Apple’s plans.
Previous land arrangements have been made in this area to facilitate Apple’s expansion but the IDA declined to comment in detail on the specifics of this latest proposal.
Proactive, functional property and infrastructural ecosystem is a key driver and differentiator in winning, sustaining and supporting foreign direct investment (FDI),” a spokesperson said.
“Under its Regional Property Programme, IDA Ireland’s property division, as part of its strategic planning, regularly reviews requirements, identifies, and purchases land banks and sites suitable for industrial development need for both FDI and indigenous enterprises.
This purchase allows IDA to acquire a site which aligns with organisational objectives of delivering high quality property solutions for future industrial development need.
Councillors have received a report on the proposed disposal of the freehold interest in the first parcel of land held by the council at Hollyhill.
The 3.81-hectare site, identified as Lot A, is immediately north of David McCarthy Rd, which skirts the Apple campus.
The report says it is proposed to dispose of the site to the IDA’s Strategic Property Division, for €1.25m — “the best consideration reasonably obtainable" based on an independent valuation by the State Valuation Office.
“The proposed disposal is required to meet immediate employment needs in the area,” the report says.
In discussions with the IDA, it has been indicated that further land may be required to meet short to medium employment needs, and an additional area of 6.12 hectares has been identified for possible acquisition by the IDA.
This area of land, identified as Lot B, is immediately west of Lot A, and will require a separate decision at a later stage, if the IDA seeks to acquire it.