Cork may see its largest ever single property deal which could pave way for docklands development
The long-held vision for Cork’s docklands as a thriving urban waterfront precinct has taken a major step forward after details of a landmark deal emerged.
The conditional sale by Origin Enterprises plc of 31-acres of land in the city's south docks to O’Callaghan Properties (OCP) - the largest ever single property deal in the city - paves the way for the drafting of a planning application by OCP over the coming months for a vast mixed-use scheme which property sources said would be a game-changer for the city and region.
City planners must first publish a local area plan for the south docks to guide future development in the area.
But OCP's vision for the site at the centre of today's deal, which is spread across several Origin landbanks running east along the south docks from Albert Quay, will include offices, retail and commercial elements along with 40% set aside for residential.
It prompted calls from Fine Gael Cllr Des Cahill, a former chair of the city’s docklands policy committee, for specific measures from the government to incentivise the construction of apartments to house the thousands of new workers expected to occupy the new offices.
“This is a natural extension and continuation of the city’s docklands vision which began close to the city. It is the natural next step east,” Mr Cahill said.
“But the government needs to do something to stimulate the construction of apartments either through taxation measures or through the broadening of the various funding mechanisms we have for supporting infrastructure.”
News of the deal also prompted calls for the heritage and character of the site, which includes several historic landmark buildings, to be respected and protected.
Historian Cllr Kieran McCarthy said he hopes the red-bricked Odlums building could be redeveloped as a cultural centre.
While previous city docklands plans on this scale have been lodged but never materialised, there are now several major multi-million euro projects underway on both the north docks and now the south docks.
Details of another project in the heart of the city’s docklands, which includes proposals for a near 30-storey skyscraper on the former Custom House quay site, is expected within days.
However, this deal is the largest the city centre has seen.
OCP is currently developing Navigation Square on Albert Quay - the city’s largest office complex. The origin site it is poised to acquire is between 25 to 30 times the size of the Navigation Square site.
The land deal is subject to a number of conditions including the granting of various permissions and approvals and the relocation of the Origin’s existing operating business in the docklands to an alternative location downstream, possibly Marino Point.
OCP’s Brian O’Callaghan said the deal was concluded following almost a year of intense negotiation. He said his company’s vision for the landbank will be guided by the LAP but he said they recognise and value the history, heritage and character of the area.
“We actually view that as a unique selling point. We would hope to retain that in whatever plans we bring forward,” he said.
And despite genuine concerns about the impact of a disorderly Brexit here, he said it also provides opportunities for Cork as it positions itself as the second-largest English-speaking city in the EU post-Brexit.
He said international investors and employers are increasingly looking beyond Dublin to invest in commercial office space and for the sake of their employees.
Deutsche Börse Group, one of the largest exchange organisations in the world, has taken several floors in the first block of Navigation Square through its post-trade services arm, Clearstream.
OCP hopes to begin sealing the second block of Navigation Square by September before starting work on the third of the development’s planned four blocks early next year.
