Semi-state company Bord na Móna is preparing to appoint a real estate agency as it looks to sell a large site in Cork city centre, which industry sources said could attract bids of up to €10m.
ast week, Bord na Móna issued a request for tender seeking to appoint a real estate agency to undertake a sales process on a 4.5-acre site at Monahan Road, Cork.
The tender document describes the former coal distribution depot as a “mixed-use site with substantial development potential”.
The tender document also shows Bord na Móna is looking to sell a 0.75-acre “residential site” at Courtbrack Avenue, Limerick, which is suitable for development.
An industry source estimated that the site in Cork could attract a valuation of between €7m to €10m. The source was unable to provide a potential value for the site in Limerick.
Bord na Móna said the properties were no longer needed as the semi-state moves away from carbon-based operations.
“The two properties in question are former coal distribution depots in Cork and Limerick,” said a spokesman. “Both properties are in city centre locations and adjoin residential and commercial areas.
“The properties were no longer required by Bord na Móna once it closed its former coal business in recent years.
“That decision was part of the company’s profound transition away from high-carbon operations into climate solutions including renewable energy, recycling, carbon farming and other low-carbon, sustainable business activities.”
According to the tender document, the successful company will work with Bord na Móna’s property team to obtain information on the Cork and Limerick sites. It will liaise with local authorities to undertake due diligence on current and future zoning on each site.
They will also be expected to provide a market report with key information on market trends, area demographics and occupier demand. This information will help to “create a picture of the current market”.
The company will undertake a site appraisal based on selling the site in its current condition and subject to planning permission. It will also provide consultancy on the best sale course, which could be via private treaty, public auction or tender.
The tender has a deadline…