A 450-acre landbank fringing Cork City and assembled at a cost of over €100m is being sold by Nama for about €7m.
Political and property commentators, as well as other prospective bidders, have queried the speed of the sale of the land between Douglas, on the southside of the city, and Carrigaline, given that it was never on the open market.
The land had been earmarked as a new location for Douglas Golf Club. The club was given a non-refundable €5m as part of the deal to redevelop the golf club as a housing development.
Estate agents Savills confirmed it had agreed a sale, which is due to close shortly on the 450 acres, to an undisclosed buyer. Savills described the bidding as competitive and recommended the sale as the best price possible.
Savills had acted for the land’s owners, developers John and Elaine Barry of Castlelands Construction, and for Nama.
The green-belt unzoned land, which had been assembled from about around half a dozen farmers back in the mid-2000s for values ranging from €60,000 to €300,000 an acre, is likely to have averaged between €15,000 and €20,000 an acre, with development hopes having evaporated.
A Nama spokesman said "the sales process was independently managed by Savills, on behalf of the debtor, and was designed to obtain the best achievable price for the property".