Irish agri-services group Origin Enterprises has struck a deal to sell 31 acres of land it owns in the South Docklands area of Cork city for €47.5m.

In an announcement on Tuesday morning, Origin said it had agreed a deal with O’Callaghan Properties, a Cork-based property developer, to sell the land for a cash consideration of up to €47.5m, pending a number of outcomes.

Origin will receive the full amount of €47.5m for the property if a number of conditions are met

In 2009, Origin took a €134m write-down on the value of this site in Cork port.

The docklands area of Cork city has been designated for future urban development.

Origin will receive the full amount of €47.5m for the property if a number of conditions are met, including granting of various planning permissions and approvals.

Origin must also relocate its existing fertiliser and grain handling facilities from the site at Cork port to a new location at “an economically viable cost”.

Origin estimates it will make a gain of approximately €3.5m on the deal, assuming the full €47.5m sale figure is achieved.

Origin’s net debt stood at €277m in March 2019.