Irish Agri-services group, Origin Enterprises, is set to dispose of up to 31 acres of dockland that the group owns in Ireland.
The group announced yesterday that it had reached a conditional agreement with O’Callaghan Properties worth up to €47.5 million for the land at South Docklands in Cork.
The transaction, which is subject to a number of conditions, such as the relocation of Origin’s existing operations in the Cork-based docklands.
Origin suggested that the estimated gain on the disposal is approximately €3.5 million, ‘assuming the full disposal proceeds are realised’.
Impressive Track Record
Speaking of its new business partner, Origin said that O’Callaghan Properties is a ‘well-established’ local property developer with an impressive 50-year track record.
“We look forward to actively working with O’Callaghan Properties and the wider stakeholders to unlock the potential of this highly strategic asset to support the sustainable and progressive development of Cork City in line with the Government’s National Development Plan 2040,” Origin chief executive officer, Tom O’Mahony said.
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click sign-up to subscribe to Checkout.