CASTLETREASURE, DOUGLAS, CORK - CORK'S FINEST RESIDENTIAL DEVELOPMENT SITE - Outstanding Residential Development Opportunity
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Outstanding Residential Development Opportunity
CASTLETREASURE, DOUGLAS, CORK.
Bid Date Wednesday 8th June 2016
(unless previously sold)
For identification purposes only.
CORK’S FINEST RESIDENTIAL DEVELOPMENT SITE
The Opportunity Cork as a Location
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 Cork is the Republic of Ireland’s second largest city with a county population of c.500,000 and a population of c.194,000 within the city and environs area (Census 2011). Cork is a
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 thriving university city with over 30,000 third level students attending UCC and CIT, it is synonymous with the technology and pharmaceutical industries and is the European Headquarters
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. 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 Location
• EMC2
• GSK Cork City is a highly accessible
• Johnson & Johnson location only 2.5 hours from Dublin
• Intel Belfast via the M8/M7 motorways
• Novartis Sligo
• Pepsi
• Tyco
Tourism Train
• The English Market Hourly train service to Dublin -
• Cork Opera House
Galway Dublin journey time 2.5 hours
• The Shandon Bells
• The Crawford Art Gallery
• Gateway to West Cork and Kerry
Events Limerick Kilkenny Airport
• The Cork Guinness Jazz Festival Waterford Cork International Airport offers
• The Cork Film Festival Killarney flights to the U.K. and continental
• Live at the Marquee - an annual
Europe and catered for 2.1 million
music festival
LIMERICK
Cork passengers in 2015
• Cork Convention Centre
commencing construction Douglas
RING R
OA D DUBLIN
NORTH
Douglas
N20
AD
IRE RO
G LANM
OWER
GOOD SHEPARD N8 L
Sale Highlights
TRAIN STATION
CONVENT
Douglas is Cork’s largest and most affluent suburb with a
ROAD
’S WELL JACK LYNCH
population of approximately 25,000. Located approximately SUNDAY
ROA
D CITY CENTRE TUNNEL
4kms south of Cork City Centre, Douglas is readily accessible TERN
WES UCC
N22
• Located in the highly sought-after suburb of Douglas from the N40 South Ring Road. BON
SECOURS RO
AD
EGE
HOSPITAL OL L
DENNEHY’S C
• Only ten minutes from Cork City Centre and close to all the amenities of Douglas Village CROSS
ZINE R
OA D
The heart of Douglas lies in the charming village which has MODEL FARM ROAD MAGA
DO
UG
• The site extends to approximately 21.1 hectares (52.2 acres) an array of boutiques, atmospheric bars and renowned CORK
LA
SR
MAHON POINT
OAD SHOPPING CENTRE
EEN R OA
restaurants. Douglas is bookended by two excellent shopping UNIVERSITY
GLASH D
• Excellent transport links from the nearby N28 National Primary Road HOSPITAL
N27
centres - Douglas Court Shopping Centre and Douglas Village
• Zoned Medium Density Residential (R-06) in the Carrigaline Local Area Plan 2015 (2nd Edition) with retailers including the likes of Marks & Spencer, TK Maxx, KINSALE
ROAD DOUGLAS
Dunnes Stores, Tesco and Next while there is a renowned ROUNDABOUT
0
• Potential to develop a high-quality residential scheme in excess of 450 units (S.P.P.) N4
Farmers Market held every Saturday. This bares out the strong CASTLETREASURE
NG ROAD
socio-economic profile of the area and it is the destination of SOUTH RI
• 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
choice for many south city residents. As a location, Douglas
offers a high-quality living environment with eight primary and CORK AIRPORT
five secondary-level schools, four churches and sports clubs WEST CORK
catering for Golf, Rugby, Soccer, Hockey, Tennis and GAA. & KERRY
For illustrative purposes only.
The Site Cork City Centre Zoning
The site forms part of The Treasure Collection and consists of Kinsale Road Roundabout Under the Carrigaline Electoral Area Local Area Plan 2015
undeveloped land extending to approximately 21.1 hectares Douglas Court Shopping Centre (Second Edition) the site is zoned R-06 (Residential). The
(52.2 acres) located approximately 1.7kms south of Douglas specific development objective includes;
Village. The location is bordering on protected greenbelt to
the south and Douglas Golf Course to the east with these
• Medium A residential development to cater for
verdant landscapes enhancing the setting of any proposed
a variety of house types and sizes, this specific
development. There are also natural features on the site itself
zoning prescribes 20 to 50 residential units
including a stream and mature trees buffering the western Maryborough Woods Douglas Village
per hectare
boundary. These natural assets can be incorporated to provide
high-quality amenities as part of any residential development. Donnybrook
• There are also objectives for the provision of extra
open space and a primary school on the site
The Vicarage
Infrastructure
The site has over 500 metres of frontage to the R609 Old Development Precedent
Carrigaline Road, which connects to the N28 Ringaskiddy
Road to the east. The N28 is set to be upgraded under Neighbouring residential developments of note include
the Infrastructure and Capital Investment Programme Donnybrook Hill (1,500 units), Maryborough Woods (600
2016 – 2021 announced in October 2015. As part of the units) and Mount Oval (900 units), all medium density, high-
upgrade works a new interchange is proposed at the existing quality estate type developments which set a tone for this site.
intersection with the R609 ‘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 Douglas Golf Club To the northeastern boundary of the site is The Vicarage,
public display stage. 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 Minimum Annual Housing Requirements 2016 - 2025
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. Research indicates that to accommodate Cork City Region’s growing population there is a cumulative
demand for 13,276 new residential units by 2025 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 2007, While housing completions in Cork peaked in 2007 at 8,686 units,
this figure stood at just 1,168 in 2015. there were just 1,431 completions in 2015.
1,400 1,377 1,380 1,379
1,368 1,372
Planning Permissions (Units) Granted in Cork 1,346
10,000
Housing Completions in Cork 1,315
9,000 1,325
9,000
8,000 1,268 1,278
8,000
7,000
Number of Units
7,000
Number of Units
6,000 1,250
6,000
5,000
5,000 1,193
4,000 4,000
3,000 3,000 1,175
2,000 2,000
1,000 1,000
0 0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2007 2008 2009 2010 2011 2012 2013 2014 2015 1,100
Source: CSO 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Cork County Cork City
Source: D/ECLG
Source: Future Analytics
House Prices Cork City Housing Completions
There were 5,366 house sales in Cork in 2015 with a combined value of almost In the Cork City area alone there were just 232 new residential
1.1bn. This represents a 13% increase in the number of sales and 24% growth in the units completed in 2015.
value of sales over the 12 month period. Individual house price growth was recorded 14,000 13,276
at 13% in 2015. 11,998
10,683
10,500 9,338
Cork Residen al Sales 1,800 1,684 7,965
1,200 6,000
6,587
1,000 5,000 7,000
1,350 1,209 5,207
800 4,000
1,065
1,001 3,830
No. of Units
€ millions
900 3,500 2,462
600 3,000
666
400 2,000 1,193
450
242 248 238 232
200 1,000 155
127 0
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
0 0 0
2010 2011 2012 2013 2014 2015 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Source: PSRA Value (Lhs) Volume (Rhs)
Source: D/ECLG Source: Future Analytics
Basis of Sale
The property forms part of The Treasure Selling Agent Solicitor
Collection which is being offered for sale in one
or more lots with bids due by 8th June 2016 Contact Eversheds
(unless previously sold). Savills One Earlsfort Centre
11 South Mall Earlsfort Terrace
Price Cork Dublin 2
On application to the sole selling agent.
Peter O’Meara Joseph Stanley
Title +353 21 490 6114 josephstanley@eversheds.ie
Freehold. +353 87 236 1181 +353 (0) 1 664 4200
peter.omeara@savills.ie
Services Marie O’Riordan
A services report has been conducted and is Denis O’Donoghue marieoriordan@eversheds.ie
+353 21 490 6118 +353 (0) 1 664 4914
available to view on the Data Room.
+353 87 417 8315
denis.odonoghue@savills.ie Rachel Murray
Further Information
Interested parties will at the vendors discretion rachelmurray@eversheds.ie
James O’Donovan +353 1 6644 200
be provided with access to a Data Room on
+353 21 490 6120
signing a Non-Disclosure Agreement. The Data
+353 83 101 5715
Room contains comprehensive information about
james.odonovan@savills.ie
the property including, site maps, planning and
services reports, legal information and details of
Mark Reynolds
the bidding process.
Director
+353 1 618 1326
Viewing
mark.reynolds@savills.ie
Strictly by appointment through the selling
agents only.
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 001799 © Government of Ireland | 2014
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