Origin reaches ‘conditional agreement’ for €47.5 million land sale

Agricultural services group Origin Enterprises plc has reached conditional agreement for the disposal of up to 31ac of land at South Docklands in Cork to O’Callaghan Properties for a cash consideration of up to €47.5 million.

The Cork Docklands area has been designated for future urban development under the conditional agreement.

According to Origin, the transaction is subject to the satisfaction of a number of conditions necessary to realise the full disposal proceeds including the granting of various permissions and approvals.

In addition, the deal hinges on the relocation of the group’s existing operating business in South Docklands “at an economically viable cost” to an alternative location in Cork.

The estimated gain on disposal is approximately €3.5 million assuming the full disposal proceeds are realised, according to the group.

The landholding in question includes the old R&H Hall site, former home to the grain trading firm of the same name.

According to Origin, O’Callaghan Properties is a “well-established, Cork-based property developer with a 50-year track record of residential, commercial and retail property completions in Ireland and the UK”.

Commenting on the announcement, Origin chief executive officer, Tom O’Mahony said:

“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 Enterprises is a focused agri-services group providing on-farm agronomy services, digital agricultural services as well as the supply of crop technologies and inputs.