Residential development land on Cork’s Model Farm Road snapped up
RESIDENTIAL development land along Cork’s Model Farm Road has just been bought by developers O’Callaghan Properties (OCP), at €500,000 an acre, right next door to a site currently being developed by O’Flynn Construction.
And, the good news for home hunters is that the OCP company says the mix it proposes for the location will include homes within reach of first-time buyers: that’s notable, because the last several land deals in this western outer suburban Cork hinterland, between Bishopstown and Ballincollig, have been for development of upmarket homes, with some land changing hands at up to €850,000 an acre.
The deal on this six acres at Carrigrohane, right by the Poulavone Roundabout with O’Callaghan Properties, via agent Trevor McCarthy of Irish & European for just over its €3.1m guide, is of interest also because OCP came late to the bargaining table, after a deal had been struck with another undisclosed bidder (not O’Flynn Construction, who controlled the access to this site via their Steeplewoods scheme on the Killumney Road) and that agreed sale fell at the very last moment.
Key to O’Callaghan Properties’ success and making this a very important buy for the overall market, is the fact that OCP previously bought a private house, on five acres on the Model Farm Road, in an off-market deal and which gives them their own access to this just acquired 6.1 acres of greenfield site.
They now have a total of 11 acres to build on, in their Ballincollig hinterland where they have already built several thousand homes over a 40 year period. While not the largest site (Classes Lake is by far their biggest, at over 700 homes built in the 2000s, and they are currently building at Lisheen Fields and Fionn Laoi), this is possibly their best location, given it’s on the city side of Ballincollig, and the now combined 11 acres is onto the Model Farm Road.
OCP have already started building on the earlier acquired five acre site, which has planning for about 50 units, and now the side-by-side sites may take up to 150 new houses, in a top location.
An OCP company spokesperson this week confirmed their fresh acquisiton and said a housing mix would include a number of homes aimed at the more affordable end of the market and within reach of first-time buyers.
This 6.1 acres went to market last summer, guiding €3.25m and was a family executor sale: the same vendors in 2016 sold an adjacent 4.17 acres, with FPP for 27 units also via Irish & European, to O’Flynn Construction for €3m. That site, called Steeplewoods, now has houses seling for up to €820,000 for large detacheds while four-bed 1,480 sq ft semi ds are launching this weekend at €435,000.
The land just sold by Irish & European is zoned, but no planning was sought on it and could under current ‘medium A’ density zoning take up to 124 units, but it’s anticipated that O’Callaghans may go for under 100 units on it, likely to be in the 70/90 units category.
