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09 Jul 2019 | 08:25

Origin Enterprises agrees to sell Cork Docklands land for up to €47.5m

Origin Enterprises said it had agreed to sell up to 31 acres of land at South Docklands in Cork to O'Callaghan Properties for up to €47.5m.

The estimated gain on disposal was around €3.5m, assuming the full proceeds were realised.

The deal was subject to conditions, including the granting of various permissions and approvals, and the relocation of the group's existing operating business in Docklands to an alternative location in Cork.

'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,' chief executive Tom O'Mahony said.

At 8:25am: (LON:OGN) Origin Enterprises PLC share price was 0p at 5.09p

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