Outstanding Residential Development Opportunity CASTLETREASURE, DOUGLAS, CORK. Bid Date Wednesday 8 th June 216 (unless previously sold) For identification purposes only. CORK S FINEST RESIDENTIAL DEVELOPMENT SITE
The Opportunity Savills is delighted to offer for sale the single largest residential development opportunity in Cork for the past ten years. The property consists of a prime 52.2 acre site in an excellent location with a medium-density residential zoning. The opportunity now exists to acquire this prime development site of scale in Cork s most desirable suburban location. Demand for all house types in Douglas is proven to be exceptionally strong and Castletreasure provides an attractive development opportunity to meet this demand in the medium to long term. Cork as a Location Cork is the Republic of Ireland s second largest city with a county population of c.5, and a population of c.194, within the city and environs area (Census 211). Cork is a thriving university city with over 3, third level students attending UCC and CIT, it is synonymous with the technology and pharmaceutical industries and is the European Headquarters of Apple Inc. Cork also hosts major employers such as Tyco, DELL, Pfizer, Eli Lilly and GSK. Cork has excellent transport links with motorway access to Dublin via the M8 and it also has the second busiest airport and seaport in the country. Business Amazon Apple EMC2 GSK Johnson & Johnson Intel Novartis Pepsi Tyco Sligo Belfast Location Cork City is a highly accessible location only 2.5 hours from Dublin via the M8/M7 motorways Tourism Train The English Market Cork Opera House The Shandon Bells The Crawford Art Gallery Gateway to West Cork and Kerry Galway Dublin Hourly train service to Dublin - journey time 2.5 hours Events Limerick Kilkenny Airport The Cork Guinness Jazz Festival The Cork Film Festival Live at the Marquee - an annual music festival Cork Convention Centre commencing construction Killarney Cork Douglas Waterford Cork International Airport offers flights to the U.K. and continental Europe and catered for 2.1 million passengers in 215 Sale Highlights Located in the highly sought-after suburb of Douglas Only ten minutes from Cork City Centre and close to all the amenities of Douglas Village The site extends to approximately 21.1 hectares (52.2 acres) Excellent transport links from the nearby N28 National Primary Road Zoned Medium Density Residential (R-6) in the Carrigaline Local Area Plan 215 (2nd Edition) Potential to develop a high-quality residential scheme in excess of 45 units (S.P.P.) Good planning history following the development of The Vicarage (17 high-end houses) and Temple Grove (56 apartments) on the north-eastern boundary of the site Douglas Douglas is Cork s largest and most affluent suburb with a population of approximately 25,. Located approximately 4kms south of Cork City Centre, Douglas is readily accessible from the N4 South Ring Road. The heart of Douglas lies in the charming village which has an array of boutiques, atmospheric bars and renowned restaurants. Douglas is bookended by two excellent shopping centres - Douglas Court Shopping Centre and Douglas Village with retailers including the likes of Marks & Spencer, TK Maxx, Dunnes Stores, Tesco and Next while there is a renowned Farmers Market held every Saturday. This bares out the strong socio-economic profile of the area and it is the destination of choice for many south city residents. As a location, Douglas offers a high-quality living environment with eight primary and five secondary-level schools, four churches and sports clubs catering for Golf, Rugby, Soccer, Hockey, Tennis and GAA. N22 DENNEHY S CROSS MODEL FARM ROAD CORK UNIVERSITY HOSPITAL WEST CORK & KERRY GOOD SHEPARD CONVENT SUNDAY S WELL ROAD UCC BON SECOURS HOSPITAL WESTERN ROAD MAGAZINE ROAD GLASHEEN ROAD SOUTH RING ROAD N2 COLLEGE ROAD KINSALE ROAD ROUNDABOUT TRAIN STATION N27 CITY CENTRE DOUGLAS ROAD N4 CORK AIRPORT DOUGLAS N8 LOWER GLANMIRE ROAD CASTLETREASURE MAHON POINT SHOPPING CENTRE JACK LYNCH TUNNEL For illustrative purposes only.
The Site Cork City Centre Zoning The site forms part of The Treasure Collection and consists of undeveloped land extending to approximately 21.1 hectares (52.2 acres) located approximately 1.7kms south of Douglas Village. The location is bordering on protected greenbelt to the south and Douglas Golf Course to the east with these verdant landscapes enhancing the setting of any proposed development. There are also natural features on the site itself including a stream and mature trees buffering the western boundary. These natural assets can be incorporated to provide high-quality amenities as part of any residential development. Infrastructure The site has over 5 metres of frontage to the R69 Old Carrigaline Road, which connects to the N28 Ringaskiddy Road to the east. The N28 is set to be upgraded under the Infrastructure and Capital Investment Programme 216 221 announced in October 215. As part of the upgrade works a new interchange is proposed at the existing intersection with the R69 Carrs Hill which will further enhance accessibility to the site and shorten drive times to Cork City Centre. The proposed route is currently at the public display stage. Donnybrook Kinsale Road Roundabout The Vicarage Douglas Court Shopping Centre Maryborough Woods Douglas Village Douglas Golf Club Under the Carrigaline Electoral Area Local Area Plan 215 (Second Edition) the site is zoned R-6 (Residential). The specific development objective includes; Medium A residential development to cater for a variety of house types and sizes, this specific zoning prescribes 2 to 5 residential units per hectare There are also objectives for the provision of extra open space and a primary school on the site Development Precedent Neighbouring residential developments of note include Donnybrook Hill (1,5 units), Maryborough Woods (6 units) and Mount Oval (9 units), all medium density, highquality estate type developments which set a tone for this site. To the northeastern boundary of the site is The Vicarage, a development of 17 high-end houses, along with Temple Grove, a 56 unit apartment block, which set a precedent for the development of this site. For identification purposes only. For illustrative purposes only. Eastern Site Boundary
Cork Residential Market Overview Like other cities, Cork has witnessed a sharp decline in planning applications for new housing developments, residential development commencement notices and consequentially house completions. This has created an artificially low supply of available stock and when coupled with rapidly increasing demand, house price growth has escalated in the past 18 months as the economy has continued to recover. Minimum Annual Housing Requirements 216-225 Research indicates that to accommodate Cork City Region s growing population there is a cumulative demand for 13,276 new residential units by 225 equating to an average of 1,328 units per annum. Planning Applications Cork City and County Housing Completions There were 9,883 grants of planning in Cork in 27, this figure stood at just 1,168 in 215. While housing completions in Cork peaked in 27 at 8,686 units, there were just 1,431 completions in 215. 1,4 1,368 1,377 1,38 1,379 1,372 1,346 Number of Units 1, 9, 8, 7, 6, 5, 4, 3, 2, Number of Units 9, 8, 7, 6, 5, 4, 3, 2, 1,325 1,25 1,175 1,193 1,268 1,315 1,278 1, 1, Source: CSO 27 28 29 21 211 212 213 214 215 Source: D/ECLG 27 28 29 21 211 212 213 214 215 Cork County Cork City 1,1 216 217 218 219 22 221 222 223 224 225 Source: Future Analytics House Prices Cork City Housing Completions There were 5,366 house sales in Cork in 215 with a combined value of almost 1.1bn. This represents a 13% increase in the number of sales and 24% growth in the value of sales over the 12 month period. Individual house price growth was recorded at 13% in 215. In the Cork City area alone there were just 232 new residential units completed in 215. 14, 11,998 13,276 1,683 1,5 9,338 1,2 Cork Residen al Sales 6, 1,8 1,684 6,587 7,965 millions 1, 8 6 4 2 21 211 212 213 214 215 5, 4, 3, 2, 1, No. of Units 1,35 9 45 1,29 1,65 1,1 666 242 248 238 232 127 155 25 26 27 28 29 21 211 212 213 214 215 7, 3,5 5,27 3,83 2,462 1,193 216 217 218 219 22 221 222 223 224 225 Source: PSRA Value (Lhs) Volume (Rhs) Source: D/ECLG Source: Future Analytics
Basis of Sale The property forms part of The Treasure Collection which is being offered for sale in one or more lots with bids due by 8th June 216 (unless previously sold). Price On application to the sole selling agent. Title Freehold. Services A services report has been conducted and is available to view on the Data Room. Further Information Interested parties will at the vendors discretion be provided with access to a Data Room on signing a Non-Disclosure Agreement. The Data Room contains comprehensive information about the property including, site maps, planning and services reports, legal information and details of the bidding process. Viewing Strictly by appointment through the selling agents only. Selling Agent Contact Savills 11 South Mall Cork Peter O Meara +353 21 49 6114 +353 87 236 1181 peter.omeara@savills.ie Denis O Donoghue +353 21 49 6118 +353 87 417 8315 denis.odonoghue@savills.ie James O Donovan +353 21 49 612 +353 83 11 5715 james.odonovan@savills.ie Mark Reynolds Director +353 1 618 1326 mark.reynolds@savills.ie Solicitor Eversheds One Earlsfort Centre Earlsfort Terrace Dublin 2 Joseph Stanley josephstanley@eversheds.ie +353 () 1 664 42 Marie O Riordan marieoriordan@eversheds.ie +353 () 1 664 4914 Rachel Murray rachelmurray@eversheds.ie +353 1 6644 2 Savills Ireland and the Vendor/Lessor give note that the particulars and information contained in this brochure do not form any part of any offer or contract and are for guidance only. The particulars, descriptions, dimensions, references to condition, permissions or licences for use or occupation, access and any other details, such as prices, rents or any other outgoings are for guidance only and are subject to change. Maps and plans are not to scale and measurements are approximate. Whilst care has been taken in the preparation of this brochure intending purchasers, Lessees or any third party should not rely on particulars and information contained in this brochure as statements of fact but must satisfy themselves as to the accuracy of details given to them. Neither Savills Ireland nor any of its employees have any authority to make or give any representation or warranty (express or implied) in relation to the property and neither Savills Ireland nor any of its employees nor the vendor or lessor shall be liable for any loss suffered by an intending purchaser/lessees or any third party arising from the particulars or information contained in this brochure. Prices quoted are exclusive of VAT (unless otherwise stated) and all negotiations are conducted on the basis that the purchasers/lessees shall be liable for any VAT arising on the transaction. This brochure is issued by Savills Ireland on the understanding that any negotiations relating to the property are conducted through it. All maps produced by permission of the Ordnance Survey Ireland Licence No AU 1799 Government of Ireland 214 design conradjones.com