CORK can look forward to another major development in the city centre, after a prime redevelopment site sold for half a million more than its guide price.

The Moore’s Hotel and 11 Morrison’s Quay lot, beside the College of Commerce, has been sold to Dublin-based developers for a price believed to be in excess of €7 million.

The site includes the entire block, facing onto Fitton Street East to the north, Catherine Street to the south, Keeffe Street to the west, and Morrison’s Quay to the east. There was significant international interest reported as soon as the lot, guided at €6.5m, went to market.

It is understood the buyers intend to develop the story for mixed hotel/office use, joining other major developments around the city — including Horgan’s Quay, Navigation Square, and Penrose Dock.

However, plans could be affected by City Council guidelines around the quay, which restrict development heights to protect city/church spire views and sightlines.

The former hotel had previously been on the market but being offered combined with no 11 made it a far more attractive proposition.