CIÉ seeks partner to develop site beside Kent station in Cork city

CIÉ is looking for a joint venture partner to develop either offices, a hotel, multi-unit residential facilities or a neighbourhood centre adjacent to Kent railway station in Cork.

A site adjoining a new station interchange and public transport roadway under construction is to be offered by tender. The successful applicant will be expected to apply for planning permission.

Lisney, which is advising CIÉ, said the State transport company wanted an income stream and to participate in an income-sharing arrangement with the chosen developer. A 300-year ground lease would be offered for an annual rent or for 10 per cent of the market rent achieved from the new building, whichever is greater.

Cork’s development plan provides for building heights in the north block of four to six storeys. However, a maximum seven storeys may be considered for buildings fronting on to the river.

The successful tenderer will be granted a seven-year licence to secure planning permission for the appropriate development. This will be followed by a 300-year lease on “practical completion”.