November 23, 2022

The 54-acre Rochestown site is likely to offer a safe investment bet for wealthy investors

High net worth individuals looking to bank some of their millions and perhaps windfall gains from company sales in a safe bet – superbly placed land – should be put forward in the case of a land offer in Rochestown, Cork.

Just for sale, 54 acres of unzoned land in Oldcourt, off Cork Monastery Hill.

It is adjacent to overgrown residential developments in Rochestown and passes close to a very popular 26-hectare woodland walk, once part of the Oldcourt Estate, commercially owned and operated by Coillte in Garrduff.

Map showing the lands.

The 54-acre property is fresh on the market with estate agent Dennis Guerin, of Frank V Murphy & C, guiding it through the wide range of £60,000-70,000 per acre, or £3-4m. euros: it could bring in up to €5 million.

At these numbers they are multiples of farm values ​​so no farmer need apply – unless they have sold land for development and want to turn it into another asset that is appreciated.

It is understood the family of the seller of this land acquired it two decades ago when they sold land in the suburbs of Cork for residential development.

It adjoins a period house, Oldcourt House, which is owned by a different owner, and access to the 54 acres is via an entrance with ancient pillars on Monastery Road, just past Cinnamon Cottage and the Abbottswood development.

“It should see incredible uplift, it’s only a matter of time before this land is developed as the city expands,” says Guerin, and it could be zoned in time for the next one. development plan, after 2028.

In particular, it has very close services, including a waste pile.

Strong interest is expected to come from individuals and families who may have sold businesses or businesses and made tens of millions of dollars in the process, with several known big beneficiaries in the Greater Cork area, while out of town surveys are also planned.

“These sums invested in the banks at this time will not earn any interest.

“Here, a buyer can invest in a property, lease the land for several years, get a small return, and expect its value to rise sharply over the next few years,” the selling agent says.