450 acres of Cork land sold by NAMA for €7 million

450 acres of Cork land sold by NAMA for €7 million

NAMA

A 450-acre landbank in Cork that was assembled at a cost of over €100 million is being sold by NAMA for around €7 million.

The land, located between Douglas and Carrigaline has never been on the open market, prompting critics of the sale to query its low price.

It had been earmarked as a new location for Douglas Golf Club, who were given a non-refundable €5 million as part of the deal to redevelop the golf club as a housing development.

Savills confirmed to the Irish Examiner that they had agreed a sale for the land to an undisclosed buyer.

They had acted for land owners John and Elaine Barry of Castlelands Construction and for NAMA.

The green-belt unzoned land was assembled from about half a dozen farmers in the mid-2000s for values ranging from €60,000 to €300,000 an acre. It is now likely to fetch somewhere between €15,000 and €20,000 an acre though.

Despite the seemingly low figure for the sale, NAMA said it was “above that which was considered feasible prior to sale”

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