€47m Kennedy Quay apartment sale tops Cork property deals 2024

The Land Development Agency (LDA) has paid €47 million for 103 not‑yet‑built apartments on Kennedy Quay, making it the largest property transaction in Cork city this year.

The upfront payment to development partner O’Callaghan Properties (OCP) injects capital into a stalled regeneration project first unveiled about five years ago. The new neighbourhood, named “The Flour Mills” after the historic Odlum flour mill, will see the iconic red‑brick Odlum building redeveloped alongside riverside apartments.

Building contractor C‑Field Construction is already laying foundations for the first phase, which will deliver 45 one‑bedroom, 42 two‑bedroom and 16 three‑bedroom units. The apartments are expected to be completed in roughly 27 months, with residents moving in by the end of 2028.

Wider docklands plan

The Kennedy Quay scheme is part of OCP’s €350 million docklands transformation, including 420,000 sq ft of office space, retail and a rehabilitation hospital on a 4.16‑acre site. The LDA’s involvement was first reported in August, with the Property Price Register listing the deal at €42 million ex‑VAT (€47 million including VAT), about €456,000 per apartment.

Other LDA‑backed projects in Cork include cost‑rental apartments on Horgan’s Quay, 270 homes at the former St Kevin’s hospital site in Shanakiel, and a €150 million partnership with Glenveagh Properties for 337 homes at Marina Depot.

Source: Irish Examiner. Photo: Altaf Shah / Pexels.