One of the largest industrial transactions of the year was the sale of approximately 13 ha, part of the former Mitsui Denman facility at Little Island. In the last quarter of the year, Lisney launched the first phase of the new Harbour Point Business Park at Little Island, which is a mixed-use development on the south eastern corner.
The total development will now cover approximately 20 ha and will cater for all sectors of the industrial market. The units are being offered for sale or to let with sale prices in the range of u 1,992 to u 2,454 per sq m being quoted depending on unit size. Industrial/warehouse rental levels have increased slightly during 2006 for modern well-located units.
The planned opening of the Cork to Midleton commuter rail link in 2008 and the announcement by Amgen that it will develop a large pharmaceutical facility in Carrigtwohill has strengthened this market. Residential development land values around Midleton are now in the region of u 2.4m per ha and in the nearby areas of Cloyne and Whitegate, prices in the region of u 1.7m per ha were achieved. At Broderick Street in Midleton town centre, we sold the former Ormonde Cinema on a site of approximately 0.1 ha for in excess of u 2m.
On the southern side of Cork city, close to the Kinsale Road Roundabout, a record price was achieved for two high profile development sites at auction early in the year. The smaller 1.72 ha site zoned industry/ enterprise sold for u 13.8m, equating to just over u 8m per ha. At Maryborough Hill in Douglas, 1.3 ha of residential development land sold for an unprecedented price equating to u 9.3m per ha. In Cork city centre, a number of infill development sites were sold. These included the former offices of Ernst & Young in Oliver Plunkett Street, which sold for u 7m with a site area of 512 sq m.
The former Atkins Building on Camden Quay, occupying a site of approximately 0.2 ha, achieved over u 12m. In the last quarter of 2006, O’Callaghan Properties purchased a warehouse on Albert Quay with a site area of 0.2 ha for u 8.5m. At Abbeylands, on the outskirts of Waterford city, we sold 26 ha of residential development land with frontage to the main Rosslare Road for around u 25m.