OKT

Final Process

Exceptional Prime Riverside Development Site With the benefit of Full Planning for a Residential Scheme comprising 34 no. Apartments with Restaurant / Café Unit.

Key Point: Foul and storm drainage connections /outfalls resolved and available.

The site is located off the Castleroe Road and the proposed development will face directly onto the River Bann with panoramic vistas of same and the Mountsandel Fort - Ireland’s oldest known settlement.

For the first time the Society are now offering the straight sale of this key development opportunity site following feedback from an EOI Process which highlighted strong demand for disposal by sale.

It is a rare occurrence for an opportunity such as this come to the market for sale and in the current market to have a site virtually ’Spade Ready’ with drainage issue resolutions agreed rarer still.

Planning is approved for the development of 34 spacious apartments with frontage directly onto the River Bann just above ‘The Cutts’ and opposite the historically significant c. 10,000 year old Mountsandel Fort.

This once in a generation development opportunity has been skilfully conceived by the team at GM Design, Coleraine, to integrate fully with the landscape in a way that reflects the site’s industrial heritage and at the same time keeps a firm view on the sense of place and community.

Full Planning permission is now granted for the development of the site which also provides a dedicated space for the introduction of a restaurant / café and office.

GENERAL: The Honourable The Irish Society as vendors seek to sell to a reputable developer who will fully commit to diligently progress the planning approved scheme through to fruition. The Society would be interested in having a longer term connection to the property, potentially through buying back the ‘as built’ commercial space, although this is not a prerequisite . Furthermore a sale proposal that commemorates the Society’s association with the complex going forward may garner favour.

PLEASE NOTE: The Society are under no obligation to accept the highest or any bid, as they will give due consideration to other factors as outlined herein in addition to short term proceeds, aiming to promote sustainability and the beneficial use of the site upon development over the longer term, with the objective of positive utility for both end users and the wider community.

TITLE : - It is envisaged that any purchase will involve the creation of a long leasehold title interest from The Society (max. 199 years).
- A restrictive covenant will apply for residential use only other than the commercial space as per the planning approval.

PROCESS: Purchase bids are welcomed at any time as most parties are already aware of the opportunity following the initial process.

OKT require : -
* Written confirmation of the proposed purchaser / purchase vehicle,
* Details of your Best & Final Offer together with any conditions, * Clear proof of funds,
* Confirmation of nominated Solicitor to act on your behalf,
* Proposed timetable for Completion of the sale.
* Demonstration of a timetable for full site development.

TIMING: Bidding encouraged at any stage with the process not to extend beyond Thursday 6th June 2024 at the latest.