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Dairygold Co-Operative Society has agreed the sale of a property in Cork city to University College Cork (UCC) for €17.25m.
The 1.46-acre site located in the centre of Cork between Copley Street and South Terrace is to be developed into a business school capable of accommodating 4,000 students and 200 staff.
Contracts were signed on 25 April and UCC will now acquire the site which was bought by a Dairygold-related company for approximately €15m in 2008.
Dairygold strategy
Dairygold chief executive Jim Woulfe said the sale was in line with the co-op’s strategy of maximising the value of “non-core priority assets” and divesting them to facilitate investment in “higher-margin dairy business initiatives”.
Dean of Cork University Business School (CUBS) and Teagasc board member Professor Thia Hennessy said there had been growing demand for business programmes but physical infrastructure had constrained that growth.
“This building will give us the capacity to realise our potential in terms of student numbers and to offer a world-class student and staff experience in a future-proofed learning environment for generations of business students to come,” she said.
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