Developers looking for an opportunity in the higher-value executive residential market may be interested in the sale of a 28-acre landholding at Cork’s Fota Island.
Located immediately adjacent to the five-star resort’s 27-hole championship golf course and 131-bedroom hotel and spa, the property is being offered for sale on behalf of Fota’s owners, the Kang Family Worldwide Group, with full planning permission for the development of 88 houses.
Agent Lisney is guiding a price of €4 million equating to an average of just under €143,000 per acre or just over €45,000 per site based on the existing planning permission.
The landholding is distributed across two paddocks (2,3) extending to 7.86 acres and 20.17 acres respectively.
Paddock 2 has planning permission for 44 two-storey lodges to be used for short-term holiday lettings only. The units here comprise a mix of 19 three and four-bed detached houses and 25 three-bed detached townhouses.
Paddock 3 has full planning permission for 44 large two-storey four and five- bed lodges on large sites within a low-density parkland environment. Thirty-two of the proposed houses in Paddock 3 extend to 2,712sq ft, with the remaining houses ranging in size from 2,990sq ft up to 3,588sq ft. There are no planning restrictions on the occupancy of the proposed 44 lodges in Paddock 3, meaning the houses can be used for full-time owner occupation.
Executive market
Edward Hanafin of Lisney believes the Fota Island lands will appeal to developers and investors with an interest in meeting the requirements of Cork’s higher-value executive market. He believes the property has the potential to accommodate a similar offering to that already available at the K Club and Carton House resorts in Kildare, and Druid’s Glen in Co Wicklow.
Hanafin says he would expect the prospective purchaser to develop the 44 large detached houses permitted on Paddock 3 immediately, owing to the strong demand for similar residential properties at the exclusive Cois Chuain scheme in nearby Glounthaune.
The existing planning permission for short-term letting holiday homes at Paddock 2, meanwhile, could be amended to allow for alternative uses such as a nursing home or retirement village, he adds.
The overall landholding occupies a prime location on Fota Island to the south of the main entrance into Fota Island Resort from the Cobh Road. Access to the property is through the main resort entrance. The property is within walking distance of Fota House and Arboretum, Fota Wildlife Park and Fota Island Train Station.
Fota Island is situated on the eastern side of Cork harbour 15km east of Cork city centre, just south of the Carrigtwohill intersection on the N25, 6km north of Cobh and 9km west of Midleton.
