A CORK city centre block that went on the market last week has already had attention from around the globe and is expected to sell for well in excess of its multi-million euro guide price.
Located beside the College of Commerce, the Moore’s Hotel and 11 Morrison’s Quay lot extends to 0.63 acres.
Seán McCarthy of ERA Downey McCarthy, who is managing the sale, described it as ‘the best remaining site in Cork city between the rivers’.
“Business in Cork is good generally but this site is particularly busy,” he said.
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.
Mr McCarthy said it has drawn the attention of multiple potential buyers in recent days.
“We have had significant interest from Cork, Dublin and internationally,” he said. “I expect it to be gone in the next couple of weeks.
“We had a guide of €6.5m for the entire lot and we are in excess of that at the moment.”
Moore’s Hotel has been closed for many years and became the subject of a derelict sites file after debris fell from it in 2016.
The site was available in separate sections previously but the fact that it is now being sold as one lot has ‘helped significantly’.
In the sales brochure, the agents point out the area’s proximity to the South Mall business district and the long-awaited Events Centre. Subject to planning, the block could be developed for anything from residential to office space.
“We have people looking at this as a hotel, people looking at it for student accommodation, as an office block, residential,” Mr McCarthy said. “There is huge variety.”
He said delays and controversies surrounding City Council plans for flood barriers in the area do not appear to have had any impact on the attractiveness of the site to potential investors.